FOR IMMEDIATE RELEASE
July 18, 2006


REALTORS release annual Buyer Profile

NANAIMO, BC - The Vancouver Island Real Estate Board (VIREB) has released its 2005 Buyer Profile, noting the increasing number of retirees and people moving west from the rest of Canada.

"To prepare the statistical report, we sent over 9,000 mail outs to residential buyers obtained from the MLS database for 2005. We received 2,090 responses back," VIREB President Darrel Paysen says.

"The results showed 11 per cent of buyers originate from Alberta and 8.9 per cent from Ontario. When added together, 46 per cent of buyers originate on Vancouver Island and 70 per cent (running to tal) originate from BC."

The results also show 94 per cent of buyers intending to use their purchase as a principal residence and 39 per cent were buying a retirement home.

"It's good to see what the long term trends are in terms of where people are coming from, what they're buying and why they're buying," Paysen says. "It's useful information for all types of infrastructure planning."

Within the 70 per cent total originating from BC, results indicate 9 per cent of buyers came from Vancouver, 7.2 per cent from Victoria and 4.1 per cent from the Fraser Valley. 10 per cent came from the rest of BC, 4.5 per cent originated from the rest of the world, 3.4 per cent from
Saskatchewan/Manitoba and 2.3 per cent from the rest of Canada.

VIREB represents approximately 1,044 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria). The Buyer Profile is available to all members, and it is provided to relevant organizations such as fellow Boards, economic development groups, chambers of commerce, and municipal, provincial, and federal government representatives.

Paysen says the Buyer Profile also fits perfectly with the principles of building better communities and encouraging economic vitality under the real estate industry's Quality of Life initiative.

"Quality of Life is a philosophy consisting of five principles, adopted by the BC Real Estate Association (BCREA) and VIREB in 2004, " he says, "to demonstrate the commitment of the profession to improve the Quality of Life throughout the province."

Buyer Profile results are provided for the overall Board area and for each of its zones: Duncan, Nanaimo, Port Alberni/West Coast, Parksville/Qualicum, Comox Valley, and Campbell River, as well as the North Island and Islands areas.

Nanaimo VIREB Director Ken Westfall says the Buyer Profile provides REALTORS with information they can use to add value to the experience of property buyers and sellers. "For us REALTORS, it's also helpful to know which marketing tools are working, such as calls from signs and the increasing success of Internet marketing."

The Buyer Profile also showed the home characteristics from the MLS database with the highest frequency. These included the most popular type of purchase (single family home at 58 per cent), with three bedrooms (41 per cent), two bathrooms (45 per cent), double garage (34 per cent), vinyl siding (29 per cent), and with a view of the ocean (44 per cent).

The regional differences are also telling, according to Marty Douglas, a VIREB director in Courtenay. "The Buyer Profile stats for our zone, Comox Valley, show the effect of the Comox Airport since the arrival of WestJet, and the huge increase in out-of-town buyers, from 25 percent to 50 percent of our marketplace."

Douglas continues: "First time buyers are declining in their make-up of the market while long term residents now form the second largest group. 40 percent of buyers were purchasing a retirement home."

VIREB Director Dan Samson in Campbell River noted the large percentage of buyers coming from Ontario.

"We have been watching the flow of retirees from Alberta (now 11 per cent) for a number of years but the 9 per cent from Ontario is a surprise. That really is a long way to move," he says.

Samson is also keenly following the growing percentage of first time buyers in Campbell River. "First time home buyers are typically in their late 20's and are living where there are jobs so it's good to see that segment growing here. It reflects a strong economy."

VIREB REALTORS, in line with the Code of Ethics of the Canadian Real Estate Association (CREA), are committed to keeping informed of local trends in their industry, and the Buyer Profile is one of many resources provided by the Board that enables them to do so.

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REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.


For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212