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 currently exhibiting a stable growth pattern. The median house price in the area stands at $500,000, reflecting a 3.5% year-over-year increase. This steady appreciation indicates healthy demand for single-family homes and a balanced market environment that benefits both buyers and sellers.
Similarly, the median apartment price has reached $300,000, with a more modest 2.1% year-over-year growth rate. The slower pace of growth in apartment prices compared to houses suggests that there could be relatively higher demand for detached homes or potentially an increase in the supply of apartments.
Lumby’s population has grown at an impressive rate of 7.1%, bringing the total to approximately 15,000 residents. This demographic expansion contributes to the underlying demand for housing in the community and can be seen as a positive indicator for future real estate market activity.
Investment Opportunities and Potential
The consistent upward trend in housing prices combined with significant population growth presents potential investment opportunities within Lumby’s real estate market. Investors might find particular potential in single-family homes, given their higher rate of appreciation. There is also room for new development projects to meet the increasing housing demands driven by the growing population.
In addition to purchasing properties for capital gains, investors may consider rental properties as a viable strategy. The influx of new residents suggests a growing rental market that could provide stable income streams. Given the diverse preferences of residents, investment in both apartments and houses could cater to different segments of the market.
Future Market Outlook
Looking ahead, Lumby’s real estate market appears poised for continued growth. With an expanding population and ongoing increases in property values, it is likely that both residential and commercial real estate will remain robust sectors. However, investors should monitor local economic developments and infrastructure projects that could influence the trajectory of the market.
It is also important to consider broader provincial and national economic trends, as shifts in interest rates, employment rates, and immigration policies can all impact local markets like Lumby’s. Nonetheless, if current trends persist, the outlook for Lumby’s real estate market remains positive with opportunities for appreciation in property values and strong rental prospects.
