Lemoray, 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 | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $430,000 |
| 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 (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 Lemoray, British Columbia reflects a stable growth environment. The median house price is currently pegged at $520,000, which marks a 4% increase year-over-year. This steady rise indicates a healthy demand for single-family homes within the area. On the other hand, the apartment sector has seen a slightly more modest growth, with the median apartment price standing at $310,000, accompanied by a 2.5% increment over the same period.
Lemoray’s population of 15,500 has experienced a significant uptick in numbers, growing at a rate of 3.3%. This demographic expansion suggests an increasing need for housing, which is likely fueling the concurrent rise in property values. The population growth, combined with rising housing prices, points towards a seller’s market scenario where demand outpaces supply.
Investment Opportunities and Potential
Given the trajectory of population growth and property value increases, Lemoray presents various investment opportunities. The continued appreciation of house prices provides an optimistic landscape for investors looking to capitalize on capital gains over time. With houses appreciating at 4% annually, long-term investments could yield substantial returns.
Apartments show potential as well for both rental and resale purposes. A slower appreciation rate of 2.5% may appeal to investors seeking more affordable entry points into the real estate market or those looking to diversify their investment portfolio with both types of properties.
Furthermore, new developments that cater to the increasing population could be particularly lucrative. Given that the current trends suggest a persistent demand for housing options in Lemoray, developers and investors may find profitable ventures in residential construction projects.
Future Market Outlook
The future real estate market outlook for Lemoray remains optimistic. Factors such as continuous population growth and consistent upward trends in property values indicate that this buoyancy is likely to persist. Assuming that economic conditions remain favorable and no unforeseen events disrupt market dynamics, both residential home and apartment sectors should maintain their appeal to homebuyers and investors alike.
Careful monitoring of infrastructure developments and local economic policies will be crucial as they can significantly impact future market conditions. Investment in amenities and services that improve quality of life may further enhance property desirability and thus foster continued real estate market growth in Lemoray.
In summary, while present trends support a strong market outlook for Lemoray, stakeholders should stay informed about regional developments to make strategic decisions aligned with emerging opportunities.
