Silverton, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2024) | 15,800 |
| Previous Population (2019) | 15,000 |
| Population Change | 5.3% |
| 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
The real estate market in Silverton, British Columbia is currently experiencing moderate growth. The median house price in the region stands at $525,000, indicating a year-over-year increase of 4%. This suggests a stable and growing housing market which is slightly outperforming inflation rates, pointing to healthy demand and possibly a competitive market for buyers.
Apartments in Silverton are also witnessing growth, albeit at a slightly slower pace. The median apartment price is $320,000, with an annual growth rate of 2.5%. This lower growth rate compared to houses may reflect a different supply and demand dynamic in the apartment sector or could indicate that apartments are a more accessible entry point into the real estate market for first-time buyers.
The population of Silverton has been growing at a healthy rate of 5.3%, now standing at approximately 15,800 residents. This population growth can be a driving factor behind the increasing housing demand and consequently the rise in property prices.
Investment Opportunities and Potential
Given Silverton’s steady population increase and consistent property value appreciation, the town presents several attractive investment opportunities. For investors looking to enter the residential market, single-family homes appear to be appreciating at a more robust rate than apartments, suggesting potentially higher returns on investment over time.
However, apartments should not be overlooked as an investment option. Their lower median price point may offer more accessible opportunities for smaller investors or those looking to diversify their portfolios with rental properties that cater to individuals or smaller families who prefer or require more affordable housing options.
The ongoing development and demographic trends suggest that there could be sustained demand for both rental and owner-occupied properties. Investors should consider local economic factors, zoning regulations, and future infrastructure projects that may impact real estate values in the area when making investment decisions.
Future Market Outlook
The future market outlook for Silverton appears promising. With steady population growth fueling demand for housing and the continuous upward trend of property values, it is reasonable to expect that these trends will continue in the near term barring any unforeseen economic disruptions.
Investors and homeowners can remain cautiously optimistic about property value appreciation. However, potential buyers should be mindful of affordability constraints that could arise from continuous price increases outpacing income growth.
In summary, Silverton’s real estate market shows potential for sustainable growth. Stakeholders should monitor key economic indicators such as employment rates, new housing construction rates, and migration patterns to stay ahead of market shifts. As always in real estate investing, due diligence combined with attentiveness to local market conditions will be crucial for success.
