Sparwood, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| 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 | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Sparwood, British Columbia, is exhibiting stable growth with the median house price currently standing at CAD $525,000. This reflects a modest yet steady year-over-year increase of 3.2%. The market for apartments is similarly showing positive trends, with the median apartment price at CAD $310,000 and a 2.5% growth compared to the previous year.
The area’s population has risen to 15,300 residents, marking a 2% growth rate. This demographic expansion suggests a healthy demand for housing and supports the incremental appreciation in property values. The consistent growth in both housing segments implies a balanced market that benefits both sellers, with their assets appreciating in value, and buyers who are investing in an incrementally strengthening market.
Investment Opportunities and Potential
Sparwood’s real estate market presents promising investment opportunities. Given the continuous but moderate price appreciation of both houses and apartments, investors can expect a reliable return on investment from capital gains over time. Furthermore, the persistent population growth indicates a sustained or increasing demand for rental properties.
Investors eyeing long-term investments should consider purchasing residential properties to cater to the housing needs of the growing population. With the current trend and economic stability of Sparwood, residential real estate investment could also offer opportunities for rental income along with capital appreciation.
Future Market Outlook
The future outlook of Sparwood’s real estate market appears optimistic based on current trends. The steady population growth and consistent price increases suggest that demand will continue to support property values going forward. Assuming no major economic disruptions occur regionally or nationally, Sparwood’s real estate is likely to continue its pattern of stable growth.
Investors and potential homeowners should remain attentive to factors such as local employment rates, infrastructure developments, and interest rates as these could influence future market conditions. However, given the current data, Sparwood represents a solid market for both residential real estate purchases and investment opportunities.
