Balfour, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $550,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $480,000 |
| 3 bedrooms | $550,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $270,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Balfour, British Columbia is currently experiencing a period of steady growth. With a median house price of $550,000, the market has seen a year-over-year increase of 4%. This suggests a healthy demand for housing in the area. Similarly, apartments are also seeing an upward trend with a median price of $320,000 and a growth rate of 2.5% over the past year.
These figures are set against the backdrop of Balfour’s expanding population, which has grown by 3.3% recently. The influx of residents could be a driving factor in the persistent demand for housing and the subsequent price increases.
Investment Opportunities and Potential
Given the current market trends, Balfour presents several attractive investment opportunities. The consistent growth in house prices indicates a strong and stable market that could benefit long-term investors looking to capitalize on capital appreciation. Rental properties also appear promising due to the population increase, which may lead to higher demand for rental units.
For those interested in immediate returns, the apartment sector—with its lower entry price point and solid growth—could be particularly appealing. Investors might consider purchasing apartments either to rent out or to sell as the market continues to appreciate.
Future Market Outlook
The future outlook for Balfour’s real estate market remains optimistic. The steady rise in property values coupled with significant population growth suggests that demand for housing will continue to drive the market forward. Assuming that economic conditions remain favorable and no major policy changes occur that significantly affect the housing market, investors can reasonably expect continued moderate growth in property values.
However, it’s important for investors to monitor local economic indicators such as employment rates and infrastructure developments as they can have direct implications on real estate performance. As always with real estate investments, due diligence and staying informed about both local and broader market trends is key to making sound investment decisions.
