Panorama, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $950,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $450,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $750,000 |
| 3 bedrooms | $950,000 |
| 4 bedrooms | $1,100,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $350,000 |
| 2 bedrooms | $450,000 |
| 3 bedrooms | $550,000 |
Demographics
| Current Population (2025) | 17,000 |
| Previous Population (2020) | 16,000 |
| Population Change | 6.3% |
| Total Private Dwellings | 7,000 |
| Occupied Private Dwellings | 6,500 |
| Population Density (per km²) | 1.8 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Panorama, British Columbia is currently experiencing a steady growth in property values. The median house price stands at $950,000, reflecting a year-over-year increase of 4.2%. Meanwhile, the median price for apartments has reached $450,000, which shows a slightly more modest year-over-year uptick of 2.5%. These trends indicate that the market is healthy and growing at a sustainable rate.
The population in Panorama has also seen significant growth, reporting an increase of 6.25% to reach a current total of approximately 17,000 residents. This demographic expansion suggests an increased demand for housing, both in terms of ownership and rentals, which contributes positively to the local real estate market dynamics.
2. Investment Opportunities and Potential
Growth indicators in Panorama’s real estate market present various investment opportunities. The consistent rise in property values coupled with population growth creates favorable conditions for both residential real estate investors and developers.
Investors looking into the single-family home segment can expect appreciation gains owing to the current 4.2% growth trend in house prices. Similarly, the apartment market also offers potential for both capital gains and rental income, supported by the 2.5% annual price increase trend.
The expanding population further points towards an ongoing or even rising demand for rental properties which may interest those looking to invest in buy-to-let opportunities or develop new multi-family units.
3. Future Market Outlook
The future outlook for Panorama’s real estate market appears promising based on current trends and demographic data. Continuous population growth will likely sustain demand for housing, both purchased and rented. This demand could potentially push property values upward if the supply does not keep pace.
Given the current trends, we can expect property prices to continue their gradual ascent, though external economic factors such as interest rates and regional economic health will also play crucial roles in shaping future market conditions.
In conclusion, Panorama’s real estate market shows signs of a stable yet progressive environment that is attractive for investors and homeowners alike. With careful attention to wider economic indicators and local development plans, stakeholders can make informed decisions to capitalize on this market’s potential.
