Altona, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Altona, British Columbia, is currently experiencing steady growth. With a median house price of $500,000, the market has seen a year-over-year increase of 3.5%. This trend indicates a healthy demand for housing in the area. Additionally, apartments are also witnessing growth, albeit at a somewhat slower pace. The median apartment price stands at $300,000, with an annual growth rate of 2.1%. The population of Altona has grown to 15,000 residents, reflecting a robust 7.1% growth. This significant influx of new residents is likely contributing to the increased demand for housing and the corresponding rise in property values.
Investment Opportunities and Potential
The consistent rise in property values coupled with the substantial population growth suggests that Altona holds promising investment opportunities. The upward trend in house prices implies that purchasing residential property could yield capital gains over the medium to long term. Investors might find particular potential in the single-family home segment due to its higher growth rate compared to apartments.
Moreover, rental properties could also present lucrative returns given the burgeoning population. As more people move into the area, demand for rental units is likely to increase, potentially driving up rental income and occupancy rates for investors. Considering the slower growth rate for apartments, there may be an opportunity to enter this market segment at a relatively lower cost before any potential acceleration in price trends.
Future Market Outlook
Looking ahead, Altona’s real estate market appears poised for continued growth. The strong population increase of 7.1% is indicative of an expanding community that will sustain demand for housing. If current economic conditions hold and migration trends continue, both the housing and apartment sectors should maintain their upward trajectories.
However, investors and homebuyers should remain vigilant regarding local economic developments and any changes in migration patterns which could affect these trends. Infrastructure developments, job market evolution, and government policies will also play critical roles in shaping the future landscape of Altona’s real estate market.
