Passmore, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.4% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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
The real estate market in Passmore, British Columbia, is currently experiencing steady growth. With a median house price of $525,000 and an annual appreciation trend of 4%, the housing sector shows signs of healthy demand. Similarly, the median apartment price stands at $320,000 with a slightly lower but consistent year-over-year increase of 2.5%. This suggests that all types of residential real estate in Passmore are gradually becoming more valuable.
The population growth rate of 3.3% is indicative of an expanding community which could be contributing to the increased real estate demand. The influx of new residents may be due to economic opportunities in the region or its appeal as a residential destination.
Investment Opportunities and Potential
The consistent rise in property values coupled with the growing population suggests that Passmore presents viable investment opportunities for both residential and rental markets. Properties such as single-family homes, which are appreciating at a higher rate than apartments, may offer better capital gains in the long term. However, apartments with their lower entry price point and steady appreciation could be an attractive option for investors seeking rental income or for first-time homebuyers.
In addition to residential real estate, demographic growth may open up avenues for investing in commercial properties to serve the increasing population or in development projects that can benefit from the area’s expansion.
Future Market Outlook
The future market outlook for Passmore remains positive. Given the solid year-over-year growth rates in property values and the consistent population increase, it is likely that demand for housing will continue to rise. Should these trends persist, investors can expect ongoing appreciation in property values.
However, potential investors should also monitor local economic conditions and any changes in regional policies that might influence the real estate market. Factors such as interest rates, employment rates, and infrastructure developments will play critical roles in shaping the future landscape of Passmore’s real estate market.
