Penticton, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $610,000 |
Monthly growth | 1.1% |
Quarterly trend | 4.0% |
Stock on market | 0.6% |
Apartment
Median price | $370,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $525,000 |
3 bedrooms | $610,000 |
4 bedrooms | $720,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $320,000 |
2 bedrooms | $370,000 |
3 bedrooms | $450,000 |
Demographics
Current Population (2025) | 16,000 |
Previous Population (2020) | 15,500 |
Population Change | 3.2% |
Total Private Dwellings | 6,500 |
Occupied Private Dwellings | 6,000 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Penticton, British Columbia, the real estate market is currently experiencing steady growth. The median house price in the area is $610,000, reflecting a 4% increase year-over-year. This suggests a healthy market with consistent demand. Similarly, the median apartment price stands at $370,000, with a slightly lower growth rate of 2.5% over the past year. These figures indicate a stable environment for both house and apartment markets.
The population of Penticton has reached approximately 16,000 residents and is growing at a rate of 3.2%. This growth can contribute to increased demand for housing and may indicate the potential for continued appreciation in property values.
Investment Opportunities and Potential
Investors considering Penticton’s real estate market can find opportunities both in the housing and apartment sectors. The steady rise in median prices for both houses and apartments suggests that investments made now could see modest but reliable appreciation in value over time. Furthermore, with the population growth outpacing many other regions, rental properties could become increasingly attractive as more people look for homes in this expanding community.
Given that the price trends have shown consistent increases without any signs of a sharp spike, investors might perceive Penticton as a market less prone to volatility and speculative bubbles. The city’s appeal as a lifestyle destination with its vineyards, lakes, and outdoor activities also adds to its attractiveness as an area where property values may continue to rise due to desirability.
Future Market Outlook
The future outlook for Penticton’s real estate market appears positive. With ongoing population growth driving demand for housing and rental units, it is likely that both sectors will continue to experience appreciation in value. Additionally, as new residents are drawn to the city’s lifestyle offerings and economic opportunities, this trend may be further reinforced.
As long as economic conditions remain stable and interest rates do not rise significantly enough to dampen borrowing power excessively, Penticton should maintain its trajectory of modest yet steady growth in real estate values. Investors looking for long-term holdings or those interested in rental income properties would do well to consider this market closely.