Revelstoke, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $550,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| 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 | $550,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $270,000 |
| 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 | 6,200 |
| 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 Revelstoke, British Columbia, is currently experiencing steady growth. With a median house price of $550,000, the market has seen a year-over-year increase of 4%. This suggests a healthy appetite for single-family homes, which may be driven by both local demand and interest from outside investors or homebuyers seeking the lifestyle that Revelstoke offers.
Apartments in Revelstoke are also seeing an appreciation in value, albeit at a slightly slower pace than houses. The median apartment price stands at $320,000 with a trend of 2.5% growth year-over-year. This could indicate a more moderate but stable interest in multi-family dwellings or investment properties suitable for rental markets.
The population of Revelstoke has been growing steadily at 3.3%, underpinning the demand for housing in the area. With its reputation as an outdoor recreation destination, particularly known for winter sports and mountain activities, the influx of new residents may be looking for lifestyle changes or opportunities in tourism-related industries.
Investment Opportunities and Potential
Revelstoke presents various investment opportunities within its real estate market. The consistent growth in property values indicates the potential for capital gains over time. For investors looking to enter the residential market, the stable increase in house prices suggests that purchasing single-family homes could yield solid returns especially if the trend continues as per historical data.
Given the slower growth rate of apartment prices compared to houses, there is potential for investors to take advantage of lower entry points into the market while still participating in overall asset appreciation. Rental properties could also be an attractive option given the population growth; increasing demand could lead to favorable rental yields.
Furthermore, Revelstoke’s growing popularity as a tourist destination could offer unique short-term rental opportunities through platforms like Airbnb. This aligns well with seasonal peaks in visitor numbers during ski season and summer mountain activities.
Future Market Outlook
The future outlook for Revelstoke’s real estate market appears positive. The sustained population growth supports ongoing demand for housing. If this demographic trend continues alongside economic development initiatives aimed at bolstering local industries – particularly tourism – it is likely that both residential and commercial property markets will benefit.
The current upward trajectory of property values is expected to persist in the near term, barring any unforeseen economic disruptions. Given Revelstoke’s natural appeal and lifestyle offerings, it is well-positioned to attract further domestic migration and investment which should continue to fuel the real estate market.
In conclusion, investors considering Revelstoke should remain optimistic about medium-to-long-term growth potential but should also stay informed on regional economic policies and infrastructure developments that could influence future market conditions.
