Lazo, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.1% |
| 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 | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 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 Lazo, British Columbia, is currently characterized by moderate growth in property values. The median house price stands at $520,000, marking a 4.2% increase year-over-year. This indicates a healthy pace of appreciation that is attractive to homeowners looking for steady equity gains. Meanwhile, the median apartment price is recorded at $310,000, with a slower but still positive growth trend of 2.5% year-over-year. The population of Lazo has grown to approximately 15,500 residents, reflecting a robust population growth rate of 3.3%. This demographic expansion suggests an increasing demand for housing which may continue to drive property values upward.
Investment Opportunities and Potential
The current trajectory of the Lazo real estate market offers promising investment opportunities. With houses showing stronger growth rates compared to apartments, single-family homes present a particularly attractive option for investors seeking capital appreciation. However, apartments should not be overlooked as they offer entry points into the market at lower price points, potentially appealing to first-time buyers or individuals looking for smaller living spaces. The sustained population growth further bolsters the potential for rental investments, as more residents may translate into higher demand for rental properties.
Future Market Outlook
Looking ahead, the Lazo real estate market appears poised for continued growth. Population trends are often leading indicators of real estate demand, and with Lazo’s population expanding by 3.3%, future demand for housing is likely to remain strong. If economic conditions remain favorable and the region continues to attract new residents through employment opportunities or lifestyle attractions, the market could see sustained or even increased levels of property value appreciation over the coming years.
In conclusion, while no market is without risk, Lazo’s real estate environment suggests a stable and growing market with potential for both short-term gains through investment properties and long-term equity growth in residential housing.
