Mission, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $700,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.5% |
Apartment
| Median price | $400,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $600,000 |
| 3 bedrooms | $700,000 |
| 4 bedrooms | $800,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $325,000 |
| 2 bedrooms | $400,000 |
| 3 bedrooms | $475,000 |
Demographics
| Current Population (2024) | 16,000 |
| Previous Population (2019) | 15,500 |
| Population Change | 3.2% |
| 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 Mission, British Columbia is currently experiencing a moderate growth trend. With a median house price at $700,000, the market has seen a year-over-year increase of 4.2%, indicating a steady upward trend in property values. Meanwhile, the median apartment price stands at $400,000, with a slightly lower growth rate of 2.5% over the past year. This disparity suggests that while the overall property market is expanding, houses are appreciating at a faster rate than apartments.
The population of Mission has grown to 16,000 residents, reflecting a healthy population growth rate of 3.2%. This demographic expansion contributes to the demand for housing and suggests that the real estate market is buoyed by an increasing number of potential homeowners and renters.
Investment Opportunities and Potential
Investment opportunities in Mission’s real estate market are promising due to the consistent growth in housing prices and population. The steady increase in median house prices points to a robust housing sector that could be attractive for long-term investments. Investors focusing on residential properties might find particular value in single-family homes given their higher appreciation rate compared to apartments.
With a growing population and the subsequent demand for rental properties, real estate investors could also consider purchasing apartments or developing multi-family units. While these properties currently show a lower appreciation rate than houses, they offer potential for rental income and diversification of investment portfolios.
Future Market Outlook
The future outlook for Mission’s real estate market remains optimistic. The continuous population growth implies sustained demand for housing which should support property values moving forward. If current trends persist, investors can expect ongoing gradual appreciation in both house and apartment prices.
However, it is essential to monitor economic factors that could influence the market dynamics such as interest rates, employment rates within the region, and broader national economic health. Given Mission’s current trajectory, it appears well-positioned for sustained growth barring any major economic disruptions.
