Galloway, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
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 | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| 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, is currently experiencing stable growth. The median house price stands at $520,000, with a year-over-year increase of 4%. This reflects a healthy demand for single-family homes in the region, likely driven by both local buyers and external interest from those seeking investment or relocation opportunities.
Similarly, the apartment sector is showing positive momentum with the median apartment price at $320,000 and an annual appreciation rate of 2.5%. This suggests a steady market for smaller residential units which may be attracting first-time homebuyers or investors looking for rental properties.
The population of Galloway has been growing at a rate of 3.3%, indicating an inflow of new residents and potential sustained demand for housing. Several factors may contribute to this trend, including employment opportunities, lifestyle amenities, and the town’s overall appeal.
Investment Opportunities and Potential
Galloway presents several investment opportunities. The consistent increase in property values suggests a robust market where equity gains can be anticipated for long-term investors. With single-family homes appreciating at 4%, these properties are particularly attractive for those looking to invest in residential real estate.
Apartments offer lower entry points and have shown a 2.5% appreciation rate, making them a viable option for investors seeking rental income or smaller scale investments. Given the population growth, demand for rental properties is expected to rise as new residents seek housing options before potentially purchasing their own homes.
The ongoing population growth also opens up possibilities for development projects. Investors might consider engaging in new construction or renovation projects to meet the housing needs of the increasing population.
Future Market Outlook
The future outlook for Galloway’s real estate market remains optimistic. Population growth is likely to continue fueling demand for housing across all sectors. If current trends persist, both median house and apartment prices are expected to see gradual increases, offering potential capital gains for property owners.
However, investors should remain attentive to broader economic indicators and regional policy changes that could impact the market dynamics. Factors such as interest rates, employment trends within Galloway and surrounding areas, as well as provincial and national economic performance will play critical roles in shaping the future of the real estate landscape.
In conclusion, Galloway presents a promising environment for real estate investment with solid trends indicating continued market health. Prudent investors will monitor local developments closely and act accordingly to capitalize on emerging opportunities within this burgeoning British Columbian community.
