Harrogate, 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 | 0.6% |
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 | $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 | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Harrogate, British Columbia, exhibits steady growth with a median house price currently standing at $520,000, reflecting a 4% year-over-year increase. This consistent uptrend suggests a healthy demand for housing in the region. Similarly, the market for apartments is experiencing growth with the median apartment price at $320,000, which has risen by 2.5% over the past year.
The population of Harrogate has grown by 3.3%, indicating an influx of residents that could be contributing to the demand for housing. This demographic shift is an essential factor in sustaining the buoyancy of the local real estate market.
Investment Opportunities and Potential
The continuous appreciation in property values presents attractive investment opportunities in Harrogate. The stable growth rate in house prices signals potential for long-term capital gains for investors. The comparatively lower median price of apartments also offers an entry point for investors looking to capitalize on rental income, especially considering the increasing population which may fuel demand for rental properties.
In addition to residential real estate, investors may find prospects in commercial properties or new developments, particularly those catering to the needs of the growing population such as retail spaces, office buildings, and service-oriented businesses.
Future Market Outlook
The future outlook for Harrogate’s real estate market remains optimistic. The steady population growth of 3.3% is likely to continue driving demand for housing. If current trends persist, both housing and apartment markets can expect sustained appreciation rates. However, investors and homebuyers should monitor economic factors and local development plans that could impact market conditions.
Maintaining a watchful eye on interest rates, employment rates, and regional infrastructure projects will be crucial for those looking to invest or purchase property in Harrogate. Additionally, as remote work becomes more prevalent, areas like Harrogate may see increased interest from buyers seeking more affordable living outside major urban centers.
