Steveston, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,450,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Apartment
| Median price | $750,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 3.0% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $1,200,000 |
| 3 bedrooms | $1,450,000 |
| 4 bedrooms | $1,700,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $650,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $850,000 |
Demographics
| Current Population (2024) | 18,000 |
| Previous Population (2019) | 17,500 |
| Population Change | 2.9% |
| Total Private Dwellings | 7,000 |
| Occupied Private Dwellings | 6,500 |
| Population Density (per km²) | 2.0 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Steveston, British Columbia is currently experiencing a steady growth in property values. With the median house price at $1,450,000 and a year-over-year increase of 2.5%, the market is showing resilience despite broader economic uncertainties. Similarly, apartments in Steveston have seen a rise in median price to $750,000, which is a 3% increase from the previous year.
This incremental growth can be attributed to the locality’s desirability, proximity to Vancouver, and its vibrant community that continues to attract potential homeowners and investors. The population of Steveston stands at roughly 18,000 residents, with a healthy population growth rate of 2.9%. This demographic expansion supports the ongoing demand for housing in the area.
Investment Opportunities and Potential
The consistent appreciation in property values indicates that Steveston offers viable investment opportunities for both residential properties and rental markets. Given the upward trend in both house and apartment prices, investors can expect capital gains over time. Moreover, the area’s population growth suggests an increasing demand for rental properties, potentially providing investors with stable rental income streams.
New developments and well-maintained older properties are both attractive options for different segments of buyers. For instance, young professionals may prefer modern apartments with amenities, while families might be more interested in standalone houses offering more space and privacy. Investors should consider diversifying their portfolios to cater to these varying preferences within the Steveston market.
Future Market Outlook
The future outlook for Steveston’s real estate market remains positive. The current trends suggest that property values will continue to rise at a steady pace. The area’s attractiveness due to its location near Vancouver, coupled with its own unique charm as a historic fishing village turned residential hub, contributes to its potential for sustained growth.
Infrastructure projects and community developments could further enhance property values as they improve accessibility and quality of life. Additionally, as more people seek balanced lifestyles away from bigger cities post-pandemic, communities like Steveston stand to benefit.
However, it is essential for investors to stay informed about local changes in zoning laws, development plans, and economic factors that could influence the market dynamics. A cautious yet optimistic approach is advisable when considering long-term investments in this region.
