Sooke, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $550,000 |
Monthly growth | 1.3% |
Quarterly trend | 4.0% |
Stock on market | 0.7% |
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 | $475,000 |
3 bedrooms | $550,000 |
4 bedrooms | $650,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $270,000 |
2 bedrooms | $360,000 |
3 bedrooms | $450,000 |
Demographics
Current Population (2025) | 16,000 |
Previous Population (2020) | 15,000 |
Population Change | 6.7% |
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
In Sooke, British Columbia, the real estate market is currently experiencing steady growth. The median house price in the region is $550,000, reflecting a year-over-year increase of 4%. This growth rate suggests a robust and healthy demand for housing in the area. Similarly, the median apartment price has also seen an uptick, now standing at $320,000 with a 2.5% rise from the previous year. This demonstrates a consistent appreciation in property values, albeit at a slower pace than houses.
The local population has reached approximately 16,000 residents, marking a significant growth rate of 6.7%. This demographic expansion is one of the key drivers behind the strong real estate market as it creates increased demand for housing—both owned and rented. Consequently, inventory levels and turnover rates are crucial indicators to watch as they directly influence pricing and market dynamics.
Investment Opportunities and Potential
Investors considering Sooke’s real estate market can find potential in both the housing and apartment sectors. The steady appreciation in property values indicates a market that offers capital gains over time. For those looking at rental investments, the population growth suggests a rising demand for rental units which could lead to higher occupancy rates and potential for rental income growth.
The differential in growth rates between house prices (4%) and apartment prices (2.5%) may indicate that houses are currently seeing stronger demand relative to apartments or potentially offer more amenities or space that justify their higher price point growth. However, apartments could represent an attractive entry point for investors due to their lower median price and still positive growth trend.
In addition to direct property investment, there may also be opportunities related to real estate services such as property management or development given the ongoing population increase and corresponding need for additional housing.
Future Market Outlook
The future outlook for Sooke’s real estate market appears optimistic based on current trends. Continued population growth will likely maintain pressure on housing supply which may lead to further increases in both house and apartment prices unless there is a significant increase in new construction.
As part of the Greater Victoria area, Sooke benefits from general economic trends affecting the region including tourism, tech sector growth, and public sector stability which all contribute positively to real estate demand. However, potential investors should also be aware of broader economic factors such as interest rate changes which could impact mortgage affordability and subsequently affect buyer demand.
The local government’s stance on development will also play a critical role in shaping future market conditions. Policies favoring sustainable development can help ensure that supply keeps pace with demand without compromising Sooke’s natural beauty which is one of its key attractions.
Mitigating factors such as global economic conditions or unforeseen regional events should be considered when projecting future trends but based on current data, Sooke’s real estate market has strong fundamentals that suggest continued growth potential.