Lillooet, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Lillooet, British Columbia is currently experiencing a period of steady growth. The median house price stands at $500,000, which represents a 3.5% increase over the past year. This suggests a stable environment for homeowners and indicates that the market has been resilient to any recent economic fluctuations.
Similarly, the apartment sector has seen a slight growth trend with median prices at $300,000, marking a 2.1% rise year-over-year. This consistent, though more modest increase compared to houses, reflects a growing demand for more affordable and versatile housing options.
The population of Lillooet has grown to 15,000 residents, showing a significant growth rate of 7.1%. This demographic change is an important driver of housing demand and can be attributed to factors such as the town’s appealing lifestyle and potential employment opportunities that attract new residents.
Investment Opportunities and Potential
Real estate investment in Lillooet presents potential due to its balanced growth in property values and increasing population. The steady appreciation in house prices indicates room for capital gains over the long term for investors looking to purchase residential properties.
With the current trends, investing in apartments might appeal to those seeking lower entry points into the market while capitalizing on the rising demand for rental properties driven by population growth. The positive albeit slower growth rate in apartment values may provide more yield stability compared to other types of real estate.
Moreover, Lillooet’s strengthening economy and population influx could lead to enhanced rental demand, potentially resulting in favorable rental yields for investors. As newcomers seek initial or temporary housing solutions, this segment of the market is likely to remain active and profitable.
Future Market Outlook
The future market outlook for Lillooet’s real estate appears optimistic. With consistent house price growth and an expanding population base, demand for housing is expected to continue on its upward trend. If current economic conditions persist and the population continues to grow at its current or higher rate, it’s reasonable to anticipate that both house and apartment prices will maintain their gradual increase.
The town’s attractiveness as a place to live should further support real estate values as it draws new residents due to its lifestyle offerings and natural beauty. As long as these pull factors remain strong, they will continue to underpin the local real estate market.
Investors should monitor key indicators such as employment rates, infrastructure developments, and regional economic performance alongside real estate trends for even more informed predictions about the future state of Lillooet’s housing market.
