Vernon, 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) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Vernon, British Columbia, is currently characterized by steady growth. With a median house price of $500,000 and an annual appreciation trend of 3.5%, the market is showing consistent upward momentum. This is reflective of the broader national trend where housing prices continue to rise albeit at a slower pace than previous years.
The apartment sector is also experiencing growth, though at a slightly lower rate. The median apartment price stands at $300,000 with a year-over-year increase of 2.1%. This more modest growth in apartment prices may appeal to first-time homebuyers or investors looking for entry points into the market.
Vernon’s population has been growing at a robust rate of 7.1%, which suggests a strong and increasing demand for housing. The influx of new residents may be driven by Vernon’s attractive lifestyle, relatively affordable cost of living compared to larger urban centers, and its burgeoning local economy.
Investment Opportunities and Potential
Given Vernon’s steady house price increases and significant population growth, investment opportunities appear promising, particularly in the residential sector. Investors could potentially benefit from capital gains over time due to the consistent appreciation in property values. Additionally, the growing population indicates a potential increase in rental demand, which could provide investors with stable rental income streams.
The apartment market presents an attractive opportunity for investors seeking lower entry costs and potentially higher yields when compared to houses. As apartments are typically more accessible to a wider range of renters, including young professionals and smaller families, they can offer good occupancy rates and resilience during economic fluctuations.
Future Market Outlook
The future outlook for Vernon’s real estate market remains optimistic. The sustained population growth will likely continue to drive demand for both purchasing and renting properties. Assuming that economic conditions remain stable and interest rates are managed effectively to avoid dampening consumer confidence, the current trends suggest that both house and apartment prices will maintain their upward trajectory.
Nevertheless, investors should remain aware of external factors that could impact the market such as broader economic shifts, changes in mortgage regulations, or significant alterations in tax policies affecting property ownership. Keeping abreast of local development plans and infrastructure projects is also crucial as these can have substantial effects on property values in specific areas within Vernon.
