Spillimacheen, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $525,000 |
Monthly growth | 1.1% |
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 | $460,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,100 |
Occupied Private Dwellings | 5,600 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Spillimacheen, British Columbia, currently presents a stable environment with modest year-over-year growth. The median house price is at $525,000, representing a 4% increase from the previous year, indicating a healthy demand for single-family homes. Meanwhile, the median apartment price has seen a more moderate rise of 2.5%, reaching $310,000. These trends are reflective of a balanced market that caters to both homeowners and investors looking for long-term value retention.
The population of Spillimacheen has been growing steadily at 3.3%, which may contribute to a sustained demand for housing. This population growth suggests that the region is attracting new residents, potentially due to employment opportunities, lifestyle preferences or other local amenities.
Investment Opportunities and Potential
Spillimacheen’s real estate market offers various investment opportunities. With the median house price experiencing a 4% appreciation, investors may find significant potential in purchasing single-family homes. This segment of the market seems to be thriving and might offer better long-term capital gains compared to apartments, which are appreciating at a slightly lower rate of 2.5%.
Given the steady population increase, rental properties could also be an attractive option for investors. As more people move into the area, demand for rental units could rise, potentially leading to higher rental yields and low vacancy rates. Investors should consider both current yield prospects and potential for asset appreciation when evaluating investment options in Spillimacheen.
Future Market Outlook
Moving forward, the real estate market in Spillimacheen looks promising. The consistent population growth indicates an underlying demand that could support both property values and rental markets. Assuming this trend continues along with economic stability within the region, we can expect similar or slightly increased rates of housing appreciation over the next few years.
However, external factors such as interest rate changes, economic policy shifts, and broader national housing trends can also impact Spillimacheen’s market outlook. Investors and homebuyers should remain informed on these broader factors while considering local dynamics before making any real estate decisions.