Summerland, 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) | 6.0 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Summerland, British Columbia, the real estate market is exhibiting steady growth. With a median house price of $500,000, there has been a consistent year-over-year increase of 3.5%. This indicates a healthy demand for housing within the area, likely driven by the town’s appealing lifestyle and amenities. Similarly, the median apartment price stands at $300,000, with a more modest annual appreciation of 2.1%. The population of Summerland is approximately 15,000, which has grown by an impressive 7.1%. This influx of residents could be contributing to the robust housing market, as new inhabitants seek both permanent residences and rental properties.
Investment Opportunities and Potential
The positive trends in property value increase suggest that investing in Summerland’s real estate could yield favorable returns. For investors looking at long-term gains, purchasing single-family homes might be particularly advantageous given the higher growth rate in this segment. Moreover, with the population expanding rapidly, there is potential for developing or investing in multi-family dwellings or apartment complexes to meet the rising demand for rental accommodation. The current growth pattern also suggests that investments in commercial real estate could benefit from the expanding consumer base as new residents settle in the area.
Future Market Outlook
The future market outlook for Summerland is optimistic. Given the steady price appreciation for both houses and apartments alongside significant population growth, it is reasonable to forecast continued demand for housing. Factors such as Summerland’s desirability as a residential community, its economic stability, and potential for tourism are likely to sustain if not enhance real estate values over time. However, potential investors should monitor economic indicators and be mindful of external factors that could affect migration trends and subsequently impact the local housing market.