Ucluelet, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $625,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $375,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 3.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $525,000 |
| 3 bedrooms | $625,000 |
| 4 bedrooms | $725,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $325,000 |
| 2 bedrooms | $375,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,800 |
| Previous Population (2019) | 15,000 |
| Population Change | 5.3% |
| Total Private Dwellings | 6,500 |
| Occupied Private Dwellings | 6,000 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Ucluelet, British Columbia, is currently characterized by steady growth. With a median house price of $625,000, the market has seen a year-over-year appreciation of 4.2%. This suggests a healthy demand for housing, reflecting both local economic stability and the attractiveness of Ucluelet as a place to live and invest.
In contrast, the median apartment price stands at $375,000 with a slightly lower growth rate of 3% year-over-year. This indicates that while apartments are also increasing in value, the demand for standalone homes might be outpacing that for apartments.
The population of Ucluelet has reached 15,800 and is on the rise with a growth rate of 5.3%. This demographic trend is likely contributing to the sustained demand for housing and could be a precursor to increased housing development and market activity.
Investment Opportunities and Potential
Given the steady increase in housing prices and consistent population growth, Ucluelet presents several promising investment opportunities. The current trend shows that investing in standalone homes could yield higher returns due to their greater price appreciation. However, apartments should not be overlooked as they offer a more accessible entry point into the real estate market and may appeal to a different segment of renters or buyers.
For investors looking at rental properties or developments, the growing population suggests a burgeoning rental market that could result in favorable yields. Additionally, as more people move to the area, there may be opportunities for new commercial developments to serve an expanding residential community.
Future Market Outlook
The future real estate market outlook for Ucluelet appears positive. The combination of a strong population growth rate and consistent property value appreciation suggests that demand will continue to spur the local housing market. If current trends persist, investors can expect continued growth in property values over the medium to long term.
However, it’s essential to monitor potential economic factors that could impact these trends such as changes in interest rates, employment rates within the region, and broader national economic conditions. For now, with its attractive natural setting and growing community appeal, Ucluelet’s real estate market seems poised for further growth and offers appealing opportunities for savvy investors.
