Sooke, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| 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 | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 15,000 |
| Population Change | 1.3% |
| 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 Sooke, British Columbia, is currently experiencing steady growth. With a median house price of $525,000, the year-over-year increase stands at 4%. This indicates a robust market trend with sustained demand for housing. The market for apartments is also showing positive growth, albeit at a slightly lower rate; the median apartment price is $310,000, with a year-over-year trend of 2.5%. These statistics suggest that Sooke’s real estate market is healthy and growing at a stable pace.
Investment Opportunities and Potential
For investors looking at the Sooke real estate market, there are promising opportunities for both immediate returns and long-term investment potential. Given the steady appreciation of housing prices, purchasing residential properties for rental or resale purposes could be lucrative. The current trends indicate that investment in single-family homes could yield higher returns considering their higher growth rate compared to apartments. However, apartments offer a more accessible entry point for smaller-scale investors and may appeal to those targeting the rental market catering to individuals or small families.
Future Market Outlook
The future outlook for Sooke’s real estate market appears optimistic. With a population of 15,200 and an annual growth rate of 1.3%, demand for housing is expected to remain strong. This population growth may lead to increased demand for both rental and owner-occupied dwellings, potentially driving up property values further. Based on current trends and demographic factors, the real estate market in Sooke is poised for continued growth over the coming years, making it an attractive location for both residential buyers and real estate investors alike.
