Cranberry, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.9% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $630,000 |
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
Current Market Conditions and Trends
The real estate market in Cranberry, British Columbia currently stands with a median house price of $525,000, which indicates a year-over-year increase of 4%. This steady growth is reflective of a healthy demand for residential properties in the area. Meanwhile, the median price for apartments is set at $315,000, showing a modest year-over-year growth of 2.5%. These trends suggest a balanced progression in the real estate market, hinting towards sustained interest and investment in both sectors.
The population of Cranberry has reached approximately 15,500 residents with a robust growth rate of 3.3%. This demographic expansion supports the continued demand for housing and can be seen as an indicator that the real estate market may remain buoyant due to population-driven demand.
Investment Opportunities and Potential
Cranberry’s growing population combined with steady price appreciation offers attractive investment opportunities. The consistent growth in house prices suggests room for capital gains for those considering investing in residential properties. Additionally, as the apartment sector shows a slightly lower yet stable increase, it presents potential for investors focusing on rental markets due to affordability factors that appeal to segments of the population not ready or interested in purchasing homes.
Furthermore, as the local economy adapts to accommodate the growing population, new development projects are likely to emerge, offering further investment opportunities. Both long-term rental strategies and short-term property flipping could be viable investment approaches given the current market dynamics.
Future Market Outlook
The outlook for Cranberry’s real estate market remains optimistic based on current trends and demographic data. With a population growth rate significantly higher than many regions, persistent demand for housing is anticipated to continue driving property values upward. Assuming no major shifts in economic conditions or unforeseen events that might affect market stability, modest but steady growth can be expected to persist.
As infrastructure expands and the community grows, there may be enhanced interest from external investors and potential residents alike, possibly leading to greater market activity. While these projections are subject to change with fluctuations in broader economic conditions or local developments, current indicators point towards a positive trajectory for Cranberry’s real estate market.
