Cranbrook, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Cranbrook, British Columbia currently presents a stable environment with a moderate growth trend. With a median house price of $500,000, the market has experienced a 3.5% year-over-year increase which indicates consistent demand and a healthy level of activity. The market for apartments shows similar resilience, with a current median apartment price of $300,000 and a growth trend of 2.1% year-over-year. This suggests that both segments of the housing market are growing, albeit at different paces.
The population in Cranbrook has been increasing steadily with a notable population growth rate of 7.1%. Such demographic trends are often correlated with increased demand for housing and can be a sign of sustained or improving market conditions going forward.
Investment Opportunities and Potential
The positive indicators in Cranbrook’s real estate market suggest good potential for investment opportunities. The consistent growth in housing prices points towards a steady appreciation of property values over time. For investors looking for long-term capital gains, the single-family home segment could be particularly attractive considering its higher year-over-year price increase compared to apartments.
In addition to buying property directly, investors may consider exploring local development projects or real estate investment trusts (REITs) that focus on residential properties in the area. Given the ongoing population growth, there could also be opportunities to invest in rental properties, as an increasing number of people moving to Cranbrook may initially seek rental accommodation.
Future Market Outlook
The future outlook for Cranbrook’s real estate market appears cautiously optimistic. The steady population growth is likely to continue fueling demand for housing, which may lead to further price increases if the supply does not keep pace. However, investors should remain mindful of broader economic factors that can influence the market such as interest rates, employment levels, and regional economic developments.
An emerging trend is the increased interest in suburban and smaller-city markets partly driven by the rise in remote work arrangements following global events like the COVID-19 pandemic. Cranbrook could benefit from this shift if it continues to offer an appealing balance between lifestyle and affordability.
In conclusion, while current trends point towards a healthy market with reasonable growth expectations, prospective investors should conduct thorough due diligence and consider local dynamics when making real estate investment decisions in Cranbrook.
