Penny, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.8% |
| Stock on market | 1.1% |
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 | $480,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Penny, British Columbia, the real estate market has been exhibiting moderate growth. The median house price currently stands at $525,000, reflecting a year-over-year increase of 4%. This increment is indicative of a healthy demand for housing in the area. The market for apartments is also experiencing growth, albeit at a slower pace. The median apartment price is $315,000, with a year-over-year trend of 1.8%. Such steady growth in property values suggests that Penny’s real estate market is resilient and expanding at a sustainable rate.
Investment Opportunities and Potential
The investment landscape in Penny is promising due to several factors. First, the consistent rise in property values provides investors with the opportunity for capital gains over time. Second, the area’s population growth of 3.3% surpasses the national average, signaling an increasing demand for housing which could potentially drive rental yields and property values even higher. Investors can take advantage of this population influx by targeting residential properties that are likely to be in high demand among new residents. Furthermore, with the current trends, investing in apartments may present a particularly attractive entry point for those looking to invest in real estate without committing to the higher capital required for single-family homes.
Future Market Outlook
The future market outlook for Penny’s real estate sector remains optimistic. Given the solid population growth rate and upward trending property values, it is reasonable to anticipate continued demand for both buying and renting in the region. As such, we expect that the median prices for both houses and apartments will maintain their gradual ascent. Investors considering long-term holdings are likely to find Penny an attractive option based on current projections. However, it’s important to note that external economic factors could influence these trends, so potential investors should keep abreast of broader market conditions as well as local developments.
