Cranbrook, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| 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 | $525,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,900 |
| Population Change | 2.0% |
| 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
In Cranbrook, British Columbia, the real estate market is experiencing steady growth. With a median house price of $525,000, there has been a year-over-year increase of 4%. This indicates a healthy demand for single-family homes and an upward trend in property values. The median apartment price is currently at $315,000, which has risen by 2.5% compared to the previous year. These statistics suggest a stable appreciation rate in the housing market.
The population of Cranbrook stands at 15,200 with a growth rate of 2%. This steady increase in residents is contributing to the sustained demand for housing. The city’s market dynamics are shaped by both local economic factors and broader provincial trends that influence buyer confidence and investment activity.
2. Investment Opportunities and Potential
Investors considering Cranbrook’s real estate market can find potential in several areas. The consistent rise in house prices reflects an opportunity for capital gains over the long term. Additionally, the growing population suggests a rising demand for rental properties, making Cranbrook an attractive location for rental investments.
The more moderate increase in apartment prices also presents an investment opportunity. Apartments can be a more accessible entry point into the real estate market for investors, offering potential for both rental income and appreciation. The city’s evolving demographic could indicate a shift towards smaller household sizes or a preference for low-maintenance living spaces, which would benefit apartment investors.
3. Future Market Outlook
The future real estate market outlook in Cranbrook appears promising based on current trends and data. With a solid foundation of growth in both property values and population size, Cranbrook is poised to maintain its momentum. Given the city’s affordability compared to larger metropolitan areas and its appeal as a lifestyle destination, it is likely to continue attracting new residents.
Economic diversification efforts and infrastructure developments within the area may further bolster market strength. However, potential investors should also monitor external economic factors such as interest rates and employment levels which could impact buyer purchasing power and overall real estate demand.
In summary, while current trends point towards continued growth, careful consideration of broader economic indicators will be essential for those looking to invest or operate within Cranbrook’s real estate market.
