Penticton, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $475,000 |
Demographics
| Current Population (2024) | 16,000 |
| Previous Population (2019) | 15,500 |
| Population Change | 3.2% |
| 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 current real estate market in Penticton, British Columbia, is experiencing a period of steady growth. With a median house price sitting at $525,000 and a year-over-year price increase of 4.2%, the housing market remains healthy and indicates a sustained demand. The market for apartments shows similar positive trends, with the median apartment price at $315,000, growing slightly less aggressively at a rate of 2.5% year-over-year. This growth can partly be attributed to Penticton’s increasing population, which has recently seen a rise of 3.2%, bringing the total population to approximately 16,000 residents. The influx of new residents suggests a robust local economy and an attractive lifestyle offering that could continue to support real estate demand.
Investment Opportunities and Potential
In light of the current market conditions, Penticton presents several attractive investment opportunities. The consistent increase in property values indicates that investing in residential properties could yield favorable returns over time. Given that the rate of price growth for houses outpaces that of apartments, single-family homes may present a particularly promising opportunity for investors looking for appreciation potential. However, apartments should not be overlooked; with lower entry costs and a growing population that may include renters, multi-family dwellings offer stable rental income possibilities and diversification benefits. Investors should also consider demographic trends and the potential for increased demand in sectors such as retirement living and vacation properties due to Penticton’s scenic location and amenities.
Future Market Outlook
The future outlook for Penticton’s real estate market remains optimistic. Continued population growth is likely to maintain demand for housing both in the purchase and rental markets. Additionally, as more individuals seek lifestyles outside major urban centers post-pandemic, communities such as Penticton could benefit from this trend due to its small-town appeal combined with urban amenities. However, investors should remain mindful of broader economic factors such as interest rates and employment levels which could influence market dynamics. Careful monitoring of these indicators alongside local developments will be crucial in assessing the long-term vitality of Penticton’s real estate market.
