Spuzzum, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $500,000 |
Monthly growth | 1.2% |
Quarterly trend | 3.5% |
Stock on market | 0.8% |
Apartment
Median price | $300,000 |
Monthly growth | 0.9% |
Quarterly trend | 2.1% |
Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $400,000 |
3 bedrooms | $500,000 |
4 bedrooms | $600,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $250,000 |
2 bedrooms | $350,000 |
3 bedrooms | $450,000 |
Demographics
Current Population (2025) | 15,000 |
Previous Population (2020) | 14,000 |
Population Change | 7.1% |
Total Private Dwellings | 6,000 |
Occupied Private Dwellings | 5,500 |
Population Density (per km²) | 1.5 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Spuzzum, British Columbia is currently experiencing a steady increase in property values. The median house price stands at $500,000, with a year-over-year growth rate of 3.5%. This indicates a stable market with moderate appreciation in property values which could be attractive to both homeowners and investors seeking long-term capital gains.
Apartments in Spuzzum are also seeing an uptick in value, with the median apartment price at $300,000 and a slightly lower growth rate of 2.1% year-over-year. The slower growth rate for apartments as compared to houses suggests that there may be a more significant demand for detached homes, which is worth noting for investors with a focus on rental properties or developments.
The local population has been growing at a robust rate of 7.1%, suggesting that Spuzzum is becoming an increasingly popular place to live. With more people moving to the area, demand for housing is likely to continue rising, potentially pushing property values even higher.
Investment Opportunities and Potential
Considering the population growth and steady appreciation of property values, Spuzzum presents several investment opportunities. Single-family homes are appreciating at a healthy pace, making them potentially lucrative investments for those looking to build equity over time. Investors might also consider new construction projects to meet the increasing housing demand driven by population growth.
The apartment market, while growing at a slower pace, still offers potential for investors focused on income-generating properties. The lower median price point of apartments could attract first-time homebuyers or individuals downsizing from larger homes, ensuring a consistent rental market.
Investors should also explore areas within Spuzzum that are likely to benefit from infrastructural improvements or upcoming economic developments, as these factors can significantly influence local real estate values and rental demand.
Future Market Outlook
The future outlook for Spuzzum’s real estate market appears positive. With the ongoing population increase and sustained growth in housing prices, the market is expected to remain healthy. Continued interest from buyers and renters alike should keep both sales and rental markets active.
However, as with any real estate market forecast, it is important to consider external economic factors such as interest rates, employment rates, and broader macroeconomic trends that could impact buyer affordability and overall demand for housing in Spuzzum.
In summary, based on current trends and data points including population growth and property value appreciation rates, Spuzzum offers promising investment opportunities with a cautiously optimistic outlook for continued growth in its real estate market.