Galloway, 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 | 0.6% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| 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) | 15,500 |
| 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
Current Market Conditions and Trends
The real estate market in Galloway, British Columbia, currently exhibits steady growth. With a median house price of $525,000 and an appreciative year-over-year trend of 4.2%, the market is showing healthy demand for single-family homes. Meanwhile, the apartment segment is experiencing a more modest increase in median price at $315,000, reflecting a year-over-year uptick of 1.5%. This suggests a balanced market where both housing types are gaining value but at different rates.
The population growth of Galloway stands at a robust 3.3%, indicating a growing demand for housing as more people move to the area. The influx likely contributes to the steady appreciation in property values, as supply must keep pace with the increasing number of residents seeking accommodation.
Investment Opportunities and Potential
Given the consistent growth in Galloway’s real estate market, investment opportunities appear promising. The stronger growth rate in house prices suggests that investment in single-family homes could yield higher returns compared to apartments. However, the lower entry price point for apartments may appeal to investors seeking more affordable opportunities or diversification within their real estate portfolio.
Investors should also consider the demographic trends driving the local economy and housing demand. As the population continues to grow, there will be an ongoing need for residential properties, potentially supporting rental income stability for those looking into buy-and-hold strategies.
Future Market Outlook
The future market outlook for Galloway’s real estate is cautiously optimistic. Assuming that current economic conditions persist and population growth continues at its current pace or accelerates, it’s reasonable to expect that both house and apartment prices may continue to rise, albeit perhaps at different rates.
However, potential investors must remain mindful of external factors that could impact these projections, such as changes in interest rates, economic policies, or unforeseen global economic challenges. A diversified investment approach could mitigate some risks associated with such uncertainties.
In conclusion, while present trends point towards a healthy real estate environment in Galloway with good investment potential, it’s crucial for investors to stay informed about regional developments that could influence market dynamics in the future.
