Ellison, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $550,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $550,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $270,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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
1. Current Market Conditions and Trends
The real estate market in Ellison, British Columbia is currently experiencing a period of growth. With a median house price sitting at $550,000, there has been a substantial year-over-year increase of 4.2%. This suggests that while the market is growing, it remains approachable for potential homeowners and investors.
In comparison, the median apartment price is markedly lower at $320,000, which has also seen a positive year-over-year increase but at a slower pace of 2.5%. The more moderate increase in apartment prices may indicate a steady demand for more affordable housing options in the area.
The population in Ellison stands at approximately 15,500 residents, with a significant growth rate of 3.3%. This demographic trend can have multiple implications on the local real estate market, including increased demand for housing and potential upward pressure on property prices.
2. Investment Opportunities and Potential
The current trends indicate that Ellison presents attractive investment opportunities, particularly in residential properties. The consistent growth in house and apartment prices points to a healthy appreciation in property values over time. Investors looking towards long-term capital gains may find the housing market particularly promising.
The strong population growth rate not only fuels housing demand but may also lead to infrastructural developments and improvements in local amenities, which can further drive property values up. Therefore, investing in areas poised for development could yield substantial returns.
The stable increase in apartment prices suggests that there is an ongoing need for more affordable housing solutions. Investors might consider this segment for both rental income and potential appreciation, especially as the population continues to grow and demand persists.
3. Future Market Outlook
Moving forward, the future outlook for Ellison’s real estate market remains optimistic. Given the steady population increase and sustained economic growth within British Columbia, it’s reasonable to anticipate that Ellison will continue to attract new residents seeking employment and quality of life.
If current trends persist or accelerate due to increased migration or economic factors, we may see further tightening of the market with subsequent increases in property values. However, potential investors should keep an eye on broader economic conditions and interest rates as they can significantly impact mortgage affordability and thus influence buyer activity.
This forward momentum places Ellison as a noteworthy market within British Columbia for both residential living and real estate investment opportunities; however, close monitoring of market dynamics is advisable to navigate any unforeseen fluctuations effectively.
