Cranberry, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $499,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $499,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
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, is currently experiencing a period of steady growth. The median house price stands at $499,000, which signifies a year-over-year increase of 4.2%. This consistent upward trend in house prices indicates a thriving market that is attracting homeowners and investors alike. On the other hand, the median apartment price has reached $315,000, following a slightly more moderate year-over-year appreciation of 2.5%.
These statistics reflect a market that is growing but not overheating, suggesting balanced demand and supply conditions. The real estate market’s health is further supported by Cranberry’s population growth rate, which at 3.3%, outpaces many other regions and signals increasing demand for housing.
Investment Opportunities and Potential
Cranberry’s real estate market presents several promising investment opportunities. The steady increase in property values points to solid capital gains potential for long-term investors. Residential properties, particularly single-family homes that have seen higher appreciation rates, could be especially lucrative investments.
The growth in population suggests that rental properties may also offer attractive returns as the demand for rental accommodation is likely to rise alongside the expanding community. Investors should consider both apartments and houses for rental purposes, as apartments offer lower entry points and maintenance costs, while houses may yield better long-term appreciation.
Future Market Outlook
The future outlook for Cranberry’s real estate market remains optimistic. Assuming the continuation of current economic conditions and population trends, the demand for housing is projected to grow steadily. This anticipated demand, coupled with the town’s limited space for expansion due to its geographical location, may lead to tighter housing supply and potentially higher property value increases.
However, investors should stay informed about local economic developments and infrastructure projects that could impact the real estate landscape. Monitoring interest rates and housing policies will also be crucial as they play a significant role in affordability and market dynamics.
In conclusion, while there are always risks in any investment landscape, Cranberry’s current data suggests a stable market with room for growth – making it an attractive option for those looking to invest in real estate.
