Vernon, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $520,000 |
Monthly growth | 1.5% |
Quarterly trend | 4.0% |
Stock on market | 0.7% |
Apartment
Median price | $310,000 |
Monthly growth | 1.0% |
Quarterly trend | 2.5% |
Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $450,000 |
3 bedrooms | $520,000 |
4 bedrooms | $650,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $260,000 |
2 bedrooms | $360,000 |
3 bedrooms | $470,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,200 |
Occupied Private Dwellings | 5,700 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Vernon, British Columbia, currently presents a steady growth in property values. The median house price stands at $520,000 with a year-over-year increase of 4%. This gradual appreciation indicates a stable market attracting both homeowners and investors. Similarly, the median apartment price has reached $310,000, up by 2.5% from the previous year. Despite the more modest growth in apartment prices compared to houses, this suggests an ongoing demand for more affordable housing options within the city.
The population of Vernon has risen to 15,500, reflecting a growth rate of 3.3%. This demographic expansion supports the sustained demand for housing in the area and could be causing a positive ripple effect on local real estate values.
Investment Opportunities and Potential
Vernon’s growing population and consistent increase in property values present promising investment opportunities. The steady rise in median house prices shows potential for long-term capital gains for investors focusing on residential properties. Moreover, the increasing population suggests that rental properties may benefit from higher occupancy rates and potential rent increases, providing attractive returns for those looking to invest in income-generating assets.
The smaller yet significant growth in apartment prices also offers an entry point for investors seeking more affordable investment options with lower initial capital requirements. As population growth continues, demand for diverse types of housing including apartments is likely to remain strong, catering to a broad range of residents from young professionals to smaller families.
Future Market Outlook
Looking ahead, Vernon’s real estate market appears poised for continued growth. Population trends suggest that the city will maintain its appeal among new residents seeking the lifestyle and opportunities it offers. If current trends continue, both house and apartment prices are expected to sustain their upward trajectory. This would be further supported by any local economic developments that attract more people to Vernon or improve employment prospects within the region.
Investors should monitor factors such as interest rates, employment rates, and regional economic health as they can influence buyer affordability and potentially impact future market dynamics. Nonetheless, given Vernon’s solid performance metrics and its evident appeal as a place to live and work, the outlook remains optimistic for both homebuyers and real estate investors alike.