Parksville, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $550,000 |
Monthly growth | 1.5% |
Quarterly trend | 4.0% |
Stock on market | 0.6% |
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 | $450,000 |
3 bedrooms | $550,000 |
4 bedrooms | $650,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $270,000 |
2 bedrooms | $360,000 |
3 bedrooms | $470,000 |
Demographics
Current Population (2025) | 15,800 |
Previous Population (2020) | 15,000 |
Population Change | 5.3% |
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 in Parksville, BC
The real estate market in Parksville, British Columbia, is currently characterized by steady growth. The median house price in the region stands at $550,000, reflecting a year-over-year increase of 4%. This increment indicates a robust market with consistent demand for housing. Similarly, the median apartment price has reached $320,000, showing a slightly lower yet positive trend with a 2.8% increase over the past year.
Parksville’s population growth of 5.3% exemplifies an expanding community that could be driving the demand for housing further. Such population dynamics often correlate with increased real estate activity as new residents seek accommodation and long-term residents upgrade or downsize their living situations. The concurrent upward trends in house and apartment prices suggest a balanced growth across different types of residential real estate.
Investment Opportunities and Potential in Parksville, BC
Given the steady price increases and significant population growth, Parksville presents attractive investment opportunities for both residential and rental properties. The growth figures indicate that investment in real estate could potentially yield profitable returns due to the continuous demand driven by population influx.
Investors should consider both single-family homes and apartments as viable options for investment portfolios. Single-family homes offer the appeal of space and privacy that might attract small families or retirees, which are significant demographics in Parksville. On the other hand, apartments offer a more affordable entry point for first-time home buyers or individuals seeking rental accommodation due to lifestyle preferences or budget constraints.
The current trends imply that early investments could benefit from appreciation over time if these growth patterns persist. Additionally, rental properties are likely to be profitable due to the growing population’s housing needs, particularly if new construction does not keep pace with demand.
Future Market Outlook for Parksville, BC
The future market outlook for Parksville remains cautiously optimistic. If the population continues to grow at its current pace of 5.3%, it can be expected that housing demand will continue to rise. This sustained demand has the potential to drive property values higher over time, assuming economic conditions remain favorable and local employment prospects stay robust.
However, investors should monitor potential shifts such as changes in interest rates, local economic factors unique to Parksville or broader provincial/national policy adjustments that might impact property values. As with any real estate investment decision, it is crucial to stay informed about both micro and macroeconomic indicators that could influence market trends.
In conclusion, while no investment is without risk, current data suggests that Parksville’s real estate market has solid foundations for continued growth and remains an appealing option for investors seeking mid- to long-term capital appreciation and income through rental yields.