Killarney, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,200,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
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 | $950,000 |
| 3 bedrooms | $1,200,000 |
| 4 bedrooms | $1,450,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $600,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $900,000 |
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
1. Current Market Conditions and Trends
The real estate market in Killarney, British Columbia is currently experiencing a steady growth in property values. The median house price sits at $1,200,000, with a year-over-year increase of 4%. This indicates a healthy demand for houses in the area, likely driven by both local factors and broader provincial trends.
Similarly, the median apartment price has reached $750,000, following a more moderate but still positive growth trend of 2.5% year-over-year. The less pronounced increase in apartment prices compared to houses could suggest that the market is more accessible for those looking to enter the housing market or invest in smaller properties.
The population of Killarney stands at approximately 16,000 residents, with a notable growth rate of 3.2%. This demographic expansion can be attributed to Killarney’s attractiveness as a residential area and its potential for economic opportunities.
2. Investment Opportunities and Potential
The consistent rise in property values coupled with robust population growth underlines significant investment opportunities within Killarney’s real estate market. The steady increase in median house prices suggests that investments in residential properties are likely to yield favorable returns over time.
Apartments present an attractive entry point for investors due to their relatively lower price point and steady appreciation rate. Investors may also consider the rental market since population growth could translate to increased demand for rental accommodations.
The diversification into commercial real estate could also be promising given the population influx, potentially driving demand for retail spaces, offices, and services that cater to new residents.
3. Future Market Outlook
The future outlook for Killarney’s real estate market remains optimistic. The continuation of current trends suggests ongoing growth in property values over the short to medium term. As population numbers increase and the local economy potentially expands, demand for both residential and commercial properties is expected to rise.
In light of these factors, prospective buyers and investors should monitor local developments closely, such as infrastructure projects or changes in regional economic policies which could impact the market dynamics further.
Cautious optimism should guide investment decisions as markets can be subject to unforeseen changes; however, Killarney’s current trajectory points towards a resilient real estate environment with potential for sustained growth.
