Cumberland, 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 current real estate market in Cumberland, British Columbia, is experiencing steady growth. The median house price in the region stands at $500,000, which reflects a year-over-year increase of 3.5%. This suggests a healthy demand for single-family homes. The median apartment price is currently $300,000, having grown by 2.1% over the past year. This slower growth rate indicates a more moderate but stable interest in apartment living or investment relative to houses.
With a population of 15,000 that has grown by 7.1%, Cumberland is showing signs of an expanding community. This demographic change can be attributed to factors such as the town’s natural beauty, recreational opportunities, and its proximity to larger centers while still maintaining a small-town charm. These conditions create an active market with potential for both buyers and sellers.
Investment Opportunities and Potential
Given the steady increase in property values and significant population growth, Cumberland presents attractive investment opportunities. The 3.5% rise in house prices indicates a reliable appreciation for investors looking to acquire residential properties. Moreover, apartments offering a slightly lower growth rate are also worth considering for those interested in tapping into the rental market or seeking more affordable entry points into real estate investment.
The demographics suggest that there may be a growing demand for housing that caters to smaller households or professionals moving to the area. Investors could consider strategies such as purchasing properties to rent out or exploring developments tailored to these emerging needs within the community.
Future Market Outlook
The future real estate market outlook for Cumberland appears promising based on current trends. If the population continues to grow at a similar pace, demand for housing will likely sustain or even increase property values over time. The consistent growth in house and apartment prices points towards a stable market environment that may continue to attract both residents and investors alike.
However, it’s important to monitor economic factors that could influence the local real estate market, such as employment rates, infrastructure developments, and interest rates. Keeping an eye on these variables will be key in making informed predictions about the future health of Cumberland’s real estate market.
