Balfour, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $550,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $475,000 |
| 3 bedrooms | $550,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $475,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Balfour, British Columbia is currently experiencing a period of steady growth. The median house price in the area stands at $550,000, which marks a 4% year-over-year increase. This suggests a healthy demand for single-family homes that is likely driven by both local factors and broader provincial trends.
Apartments in Balfour are also seeing an upward trend with the median price at $320,000, accompanied by a slightly more modest year-over-year increase of 2.5%. The increment in apartment prices indicates a consistent demand for more affordable and smaller-scale housing options.
The population of Balfour has reached approximately 15,500 residents, with a robust growth rate of 3.3%. This demographic expansion supports the ongoing demand for housing and suggests that the market will remain dynamic going forward.
2. Investment Opportunities and Potential
Given the positive trends in both house and apartment prices, Balfour presents appealing investment opportunities. The steady growth in median house prices indicates that investment in residential properties could yield favorable returns, especially considering the sustained population growth.
The increasing demand for apartments reflects a potential opportunity for investors focusing on multi-unit residential buildings or those interested in the development of new apartment complexes. The rental market could also benefit from this trend, as an influx of residents may lead to higher rental demand, particularly if the local economy supports job creation.
Furthermore, investors should pay attention to emerging neighbourhoods and areas where infrastructure developments are planned or underway. Such locations could offer substantial growth potential as they become more integrated with the broader community.
3. Future Market Outlook
The future market outlook for Balfour’s real estate appears positive. With a growing population and continuous increase in housing prices, it is expected that the real estate market will maintain its momentum over the short to medium term.
The 4% annual increase in house prices suggests that there is ongoing confidence among buyers and investors alike. As long as economic conditions remain stable and supportive, Balfour’s housing market should continue to flourish.
The local government’s plans for community development and infrastructure enhancements will likely further stimulate the real estate market. Prospective investors and homebuyers can look forward to new opportunities as the region adapts to its growing population.
In summary, Balfour represents a robust real estate market with solid growth prospects. Stakeholders are encouraged to monitor trends closely as they consider future investments or property purchases within this vibrant community.
