Promontory, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $325,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.5% |
| 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 | $475,000 |
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 Promontory, British Columbia, currently exhibits stable growth, with the median house price sitting at $525,000, reflecting a year-over-year increase of 2.8%. This gradual appreciation indicates a healthy market that is maintaining its value while remaining accessible to potential homeowners. Similarly, the median apartment price has seen a modest rise to $325,000, marking a 1.5% increase over the same period. Such trends suggest a balanced market that caters to both single-family homes and multifamily dwellings.
Investment Opportunities and Potential
With an expanding population that grew by 3.3% recently, Promontory presents several investment opportunities. The steady increase in property values coupled with population growth points towards a consistent demand for housing. Investors can capitalize on this by investing in residential properties that are likely to appreciate over time. The diversity in property types, including both houses and apartments, offers varied investment avenues suitable for different investment strategies and capital outlays.
Future Market Outlook
The future real estate market outlook for Promontory remains optimistic. Given the sustained population growth and the steady increase in property values, the demand for housing is expected to stay strong. This bodes well for both investors looking for capital gains and homeowners seeking a stable market for their real estate investments. However, prospective investors should monitor local economic factors and development plans as these could influence future market dynamics.
