Vancouver, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,850,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $850,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $1,400,000 |
| 3 bedrooms | $1,850,000 |
| 4 bedrooms | $2,300,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $620,000 |
| 2 bedrooms | $800,000 |
| 3 bedrooms | $950,000 |
Demographics
| Current Population (2024) | 675,218 |
| Previous Population (2019) | 668,348 |
| Population Change | 1.3% |
| Total Private Dwellings | 300,000 |
| Occupied Private Dwellings | 285,000 |
| Population Density (per km²) | 5.4 |
| Land Area (km²) | 115.0 |
Market Analysis
Current Market Conditions and Trends
The Vancouver real estate market currently presents a robust median house price of $1,850,000, reflecting a 4% year-over-year increase. This growth indicates a sustained demand for housing in the market despite high entry points. Apartments show a more modest growth pattern, with the median price standing at $850,000 and experiencing a 2.5% year-over-year increase.
The population of Vancouver has been growing steadily at a rate of 1.3%, which suggests an ongoing influx of residents that adds to the housing demand. These demographics underscore the competitive nature of the market, where inventory levels are often low and buyer competition is high.
Investment Opportunities and Potential
Investors considering the Vancouver property market can expect potential opportunities in both residential and rental properties. The consistent rise in house prices indicates a healthy appreciation rate which could benefit long-term investment strategies. The less aggressive growth in apartment prices may appeal to investors looking for more accessible entry points into the market with potentially higher rental yield ratios.
With Vancouver’s increasing population, rental properties are likely to be in high demand, providing investors with an opportunity to capitalize on potential rental income as well as capital appreciation. The city’s status as an economic hub also suggests resilience in property values over time.
Future Market Outlook
Looking forward, the Vancouver real estate market is expected to remain competitive with stable growth rates. The consistent population increase should continue to drive demand for housing. However, potential regulatory changes and economic factors could impact the rate of price growth and affordability in the region.
As infrastructure developments progress and new housing policies are implemented, there may be shifts in neighborhood desirability and property values. Investors should keep a close eye on such changes and consider diversifying their portfolios across different property types and locations within the Greater Vancouver area to mitigate risks associated with market fluctuations.
