Elphinstone, 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 Elphinstone, British Columbia is experiencing a period of steady growth, as evidenced by the recent statistics. The median house price in the area now stands at $500,000, reflecting a year-over-year increase of 3.5%. This trend indicates a healthy demand for housing in a market that is managing to grow without overheating.
Similarly, the median apartment price has reached $300,000, with a slower yet consistent appreciation rate of 2.1% over the past year. The more modest growth rate for apartments compared to houses suggests that the market may be more accessible for first-time buyers and investors looking for smaller properties.
The population of Elphinstone has grown to 15,000 residents, marking an impressive population growth rate of 7.1%. This demographic expansion signals a robust local economy and potentially increased demand for housing.
Investment Opportunities and Potential
Given the solid growth in both property values and population, Elphinstone presents attractive opportunities for real estate investors. The steady increase in house prices indicates room for capital gains on residential properties. With a balanced 3.5% growth rate, investments are likely to appreciate at a sustainable pace.
Apartments offer an alternative investment opportunity with a lower entry point at $300,000 and a 2.1% growth rate. These units may be particularly appealing to investors seeking rental income from the growing workforce and those unable or uninterested in purchasing larger properties.
The significant population growth further underscores the potential for rental demand, providing investors with confidence in both the short-term rental market and long-term asset appreciation.
Future Market Outlook
The future real estate market outlook for Elphinstone remains positive. The consistent growth in median house and apartment prices suggests that the market is stable yet dynamic enough to promise continued appreciation. With the current population trajectory, demand for housing is likely to remain strong.
In light of these factors, we can anticipate that Elphinstone’s real estate market will maintain its upward trend in both property values and demand. However, investors should remain vigilant about global economic conditions and local developments that could influence the market dynamics.
In conclusion, Elphinstone’s real estate market represents a balanced investment landscape with sustained growth potential buoyed by demographic trends and economic stability.
