Lumby, 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 Lumby, British Columbia is experiencing a period of steady growth. The median house price in the area currently stands at $500,000, marking a year-over-year increase of 3.5%. This suggests a healthy demand for housing that is likely driven by local economic factors and buyer confidence. Similarly, apartments are showing modest growth with a median price of $300,000 and an upward trend of 2.1% over the past year. The population of Lumby has seen a significant increase of 7.1%, which could be contributing to the sustained demand for housing and the consequent price increment.
Investment Opportunities and Potential
Given the positive momentum in property values, Lumby presents appealing investment opportunities for both residential and rental markets. The consistent growth in housing prices indicates a robust market where investments can appreciate over time. Moreover, the substantial population growth signals an expanding customer base for rental properties, potentially leading to increased rental yields for investors.
With the median apartment price being significantly lower than that of houses, there is an opportunity for investors to enter the market at a more accessible price point. Apartments may represent a strategic investment choice for those looking to capitalize on the less volatile segment of the market or targeting first-time homebuyers or small family units.
Future Market Outlook
The future outlook for Lumby’s real estate market appears optimistic. Given the current trends and population growth rates, it is reasonable to anticipate continued demand for housing which may lead to further price increases. Nevertheless, potential investors and stakeholders should monitor local economic developments and national real estate regulations as these could affect future market conditions.
Attention should also be paid to infrastructure developments within Lumby and surrounding areas, as these can have significant impacts on property values and desirability. As long as the population continues to grow and economic conditions remain favorable, Lumby’s real estate market is poised for ongoing growth and presents a promising landscape for potential investors.
