Passmore, 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 | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
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 | 6,100 |
| 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 Passmore, British Columbia, is exhibiting signs of steady growth. The median house price in the area currently stands at $525,000, which represents a 4% increase year-over-year. This trend suggests a healthy demand for housing that is pushing prices upward at a moderate pace. Similarly, the apartment sector has seen prices grow to a median value of $310,000, following a slightly lower yet consistent year-over-year increase of 2.5%. The population of Passmore has reached approximately 15,500 residents, with a notable population growth rate of 3.3%. This demographic expansion underpins the increasing demand for residential properties and supports the continuous appreciation in property values.
Investment Opportunities and Potential
The investment opportunities in Passmore’s real estate market are promising due to its positive growth trajectory. Given the trends in both housing and apartment price increases, investors can reasonably anticipate continued appreciation in property values. The steady population growth further bolsters investor confidence as it often correlates with sustained rental demand. Therefore, purchasing residential properties for long-term capital gains or rental income appears to be a prudent strategy in this market. Additionally, new developments and infrastructure projects triggered by the expanding community could present further opportunities for investors looking to enter early into emerging submarkets within Passmore.
Future Market Outlook
The outlook for the Passmore real estate market remains optimistic. With an ongoing 3.3% annual increase in population, demand for housing is likely to stay strong, which should continue to drive property values upward. The current trends suggest that both houses and apartments will continue to appreciate, albeit at moderate rates of 4% and 2.5%, respectively. This points towards a stable market without the volatility that characterizes more speculative environments.
Furthermore, as more people migrate to Passmore attracted by employment opportunities or lifestyle changes – possibly influenced by remote work trends – the local real estate market is expected to remain buoyant. Investors should monitor key indicators such as employment rates, infrastructure development, and migration patterns closely, as these will influence market dynamics and investment potential over time.
