Spallumcheen, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 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 | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Spallumcheen, British Columbia, is currently experiencing a steady growth phase. The median house price in the region stands at $520,000, with a year-over-year increase of approximately 4%. This consistent uptick signifies a healthy demand for residential properties and a robust housing sector. Similarly, the median apartment price is noted at $310,000, which has seen a slightly lower year-over-year growth rate of 2.5%. This difference in growth rates between houses and apartments may reflect a stronger preference or demand for standalone homes within the area’s current market conditions.
Investment Opportunities and Potential
Given the current trends, Spallumcheen presents several attractive investment opportunities. The growth in both housing and apartment sectors suggests there is potential for capital gains over the medium to long term. For investors looking into rental properties, the rising population—which has grown by 3.3%—indicates an expanding rental market that could lead to increased demand and potentially higher rental yields.
Furthermore, the more moderate increase in apartment prices compared to houses suggests that there may be an opportunity to enter the market at a lower price point with apartments while still participating in the overall upward trend of property values in Spallumcheen.
Future Market Outlook
The future outlook for Spallumcheen’s real estate market appears optimistic. Population growth of 3.3% is likely to continue driving demand for housing. As new residents move into the area seeking employment or lifestyle changes, we can anticipate sustained or even increased pressure on both the home purchase sector and rental markets.
While predicting exact future market conditions always comes with uncertainty, current indicators such as steady price increases and population growth suggest that the Spallumcheen real estate market will remain vibrant and may offer profitable opportunities for both homebuyers and investors alike.
