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 (2024) | 15,000 |
| Previous Population (2019) | 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 Summerland, British Columbia, is currently characterized by steady growth. With a median house price of $500,000, the market has experienced a year-over-year increase of 3.5%. This rise indicates a healthy demand for houses in the area.
Similarly, the apartment sector shows continued growth with a median price of $300,000 and a year-over-year trend of 2.1%. This moderate appreciation suggests that apartments are also in demand, but possibly to a lesser extent than houses.
The population of Summerland stands at 15,000 residents with a notable growth rate of 7.1%. The expanding population is likely contributing to the current demand for housing and helps explain the positive trends in property values.
Investment Opportunities and Potential
Given the current market conditions, Summerland presents several attractive investment opportunities. The consistent rise in house prices provides investors with the potential for capital appreciation. Furthermore, the population growth implies an increasing need for housing which could benefit landlords through rising rental demand.
Investors looking into apartment properties may find them slightly less lucrative in terms of price appreciation compared to houses; however, they offer an alternative entry point into the market at a lower price range. This can be particularly appealing for first-time investors or those seeking more affordable investment options.
Future Market Outlook
The future market outlook for Summerland’s real estate remains optimistic. Assuming current trends continue, property values are expected to keep rising moderately. The persistent population growth will likely sustain the demand for housing, supporting both the rental and sales markets.
Investors should remain cautious about external economic factors that could affect interest rates and employment levels as these can influence buyer affordability and thus impact market dynamics. However, given Summerland’s robust growth indicators and attractive lifestyle offerings such as its vineyards and lakefront views, the long-term prospects for property investment remain promising.
