Parksville, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $460,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Parksville, British Columbia, the real estate market is currently experiencing a steady growth. The median house price in the area stands at $525,000, marking a year-over-year increase of 4%. This trend suggests a healthy demand for single-family homes and a stable investment environment for potential homeowners and investors alike.
Apartments in Parksville are also witnessing an upward trend in prices with the median apartment price at $320,000, which reflects a 2.8% rise from the previous year. The growth in apartment prices may indicate an increasing interest among buyers looking for more affordable or smaller-scale housing options within the region.
The population of Parksville has reached approximately 15,500 with a significant population growth rate of 3.3%. This increase in residents is likely contributing to the sustained demand for housing and supporting the upward pressure on property values.
Investment Opportunities and Potential
Parksville presents various investment opportunities thanks to its growing population and consistent appreciation in property values. The steady rise in house and apartment prices points towards a conducive environment for long-term capital gains. Investors can benefit from both rental income streams and equity growth over time.
The market’s performance, particularly the solid growth in median house prices, highlights potential for investment in residential properties that cater to families seeking community-oriented lifestyles in smaller cities.
The diversification of property types, from single-family homes to apartments, provides investors with multiple entry points into the market depending on their budget and investment strategy—ranging from direct property investments to real estate investment trusts (REITs) that might operate within the region.
Future Market Outlook
Looking ahead, Parksville’s real estate market shows promising signs for continued growth. The robust population increase suggests that demand for housing will remain strong as more individuals and families choose to move to this area. Should this trend persist, it can be anticipated that both house and apartment prices may continue on their upward trajectory.
However, as with any real estate market, potential economic shifts, changes in interest rates, and government housing policies could affect future outcomes. Investors should keep abreast of local economic developments as well as broader national trends that could influence market conditions moving forward.
The current stability of Parksville’s market combined with its positive growth indicators positions it as an attractive locale for real estate investment with a favorable outlook for the coming years.
