Errington, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| 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 | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Errington, British Columbia is exhibiting a steady growth pattern. The median house price currently stands at $525,000, reflecting a year-over-year increase of 4%. This indicates a healthy upward trend in the housing market, suggesting that demand for single-family homes remains robust. In contrast, the apartment sector is experiencing a more modest growth with the median apartment price at $310,000 and a year-over-year upward movement of 2.5%. This disparity in growth rates may be indicative of differing market dynamics between single-family homes and apartments, with houses being more sought after in this region.
Investment Opportunities and Potential
With its growing population, currently at 15,200 and a growth rate of 2.7%, Errington presents various investment opportunities. The consistent rise in property values suggests that investments in both residential houses and apartments are likely to yield positive returns. The stronger performance of the housing market implies potentially higher gains for investors focusing on single-family homes. However, the steady growth in apartment prices also presents an opportunity for investors looking for more affordable entry points into the real estate market or those aiming to cater to individuals who prefer multi-family living arrangements.
Future Market Outlook
The future real estate market outlook for Errington remains optimistic considering the current trends and population growth. Continued population expansion is expected to maintain or possibly increase the demand for housing in the area. If these demographic trends persist alongside economic stability, it is likely that both the housing and apartment markets will continue seeing appreciating value over time. Investors and potential homebuyers should consider these factors when making long-term real estate decisions in Errington.
