Hastingssunrise, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,550,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
Apartment
| Median price | $750,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $1,200,000 |
| 3 bedrooms | $1,550,000 |
| 4 bedrooms | $1,900,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $680,000 |
| 2 bedrooms | $800,000 |
| 3 bedrooms | $950,000 |
Demographics
| Current Population (2025) | 16,000 |
| Previous Population (2020) | 15,500 |
| Population Change | 3.2% |
| Total Private Dwellings | 7,000 |
| Occupied Private Dwellings | 6,500 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In the Hastings-Sunrise neighborhood of British Columbia, the real estate market is displaying a steady growth trend. The median house price in this community currently stands at $1,550,000, which represents a 4% year-over-year increase. This suggests that the housing market is experiencing a moderate appreciation in value, indicating a healthy demand for single-family homes.
Similarly, the apartment sector has shown resilience with the median apartment price reaching $750,000, up by 2.5% year-over-year. This growth rate, while slightly lower than that of houses, points towards a consistent demand for more affordable and smaller living spaces within the area. The population of Hastings-Sunrise is approximately 16,000 residents, which has grown by 3.2%. This demographic trend likely contributes to the steady demand for real estate in the neighborhood.
Investment Opportunities and Potential
The investment outlook for Hastings-Sunrise is favorable given the current market dynamics. The continuous population growth coupled with rising property values suggests that demand for housing will persist. Investors looking to capitalize on equity gains might find single-family homes particularly attractive due to their higher appreciation rate.
Apartments present an opportunity for investors seeking rental income and those catering to first-time homebuyers or individuals looking to downsize. With moderate price increases and a growing population, rental properties could see sustained occupancy rates and potential rent growth over time.
Developers and investors should also consider the potential of underutilized properties or land that could be redeveloped to meet the current market’s needs. Given the upward trend in prices and population growth, densification and development of new housing units could be lucrative ventures.
Future Market Outlook
The future real estate market outlook for Hastings-Sunrise remains positive. The consistent growth in property values indicates an underlying strength in the local economy and desirability of the neighborhood. Assuming no significant economic disruptions occur, we can expect a continuation of these trends moving forward.
The population increase is likely to maintain pressure on housing supply, potentially leading to further price appreciation over time. As such, both long-term investors and homeowners could benefit from capital gains. However, it’s important for stakeholders to monitor interest rate changes, economic policies, and local development plans as these factors could impact future market conditions.
In conclusion, Hastings-Sunrise’s real estate market holds promise for various types of investors and homebuyers. Ongoing monitoring of economic indicators and staying abreast of local developments will be key in maximizing investment returns and making informed decisions in this active market.
