Duncan, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.8% |
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 | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
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 | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Duncan, British Columbia
In Duncan, British Columbia, the real estate market is currently experiencing stable growth. The median house price stands at $525,000, with a year-over-year increase of 4.2%. This uptick indicates a healthy demand for single-family homes in the area, reflecting confidence in the local housing market. Meanwhile, the median apartment price is slightly more modest at $315,000 but has also seen growth, albeit at a slower rate of 2.5% year-over-year. This divergence in growth rates suggests that houses are currently in higher demand than apartments.
The population of Duncan has reached approximately 15,500 residents, with a robust population growth rate of 3.3%. This increase in residents may be contributing to the upward pressure on housing prices due to heightened demand. As new residents move to the area, possibly attracted by employment opportunities or the lifestyle offered by Duncan and its surroundings, the demand for housing is likely to continue.
Investment Opportunities and Potential in Duncan
The steady rise in property values coupled with consistent population growth positions Duncan as an attractive market for real estate investment. Single-family homes are particularly promising given their greater appreciation rate compared to apartments. Investors looking to buy properties to rent out may find good opportunities here as population growth could lead to increased rental demand.
Apartments offer a more accessible entry point into the real estate market due to their lower median price point. With a smaller initial investment required and a steady appreciation trend, purchasing apartments can be a strategic move for investors focused on long-term gains and diversification of their portfolio.
Given the city’s size and growth trends, there may also be opportunities for development projects aimed at meeting the growing housing needs of the population. However, investors should conduct thorough market research and feasibility studies before committing to such projects.
Future Market Outlook for Duncan’s Real Estate
The future market outlook for Duncan’s real estate remains optimistic based on current data trends. If population growth continues at its current pace or accelerates further, it is likely that both house and apartment prices will maintain an upward trajectory due to increased demand.
However, potential investors and homebuyers should monitor local economic factors such as employment rates, infrastructure development plans, and interest rates as these could significantly affect market conditions. Additionally, broader national economic trends and regulatory changes in the Canadian real estate sector could also impact future market dynamics in Duncan.
In conclusion, while current trends indicate a favorable outlook for Duncan’s real estate market with particular strength in single-family homes, it remains important for stakeholders to stay informed on both local and national developments that could influence future conditions.
