The $242,950 price tag on the median Vernon home means that it is about average price.
There are 1145 neighbourhoods that have more properties on sale than Vernon at the moment in Ontario which puts the neighbourhood bottom 40% when looking at the number of properties to choose from.
Can we guarantee how well Vernon is going to do next year? No, but we can look at the data we have and use it as a starting point before doing research.
One of the important leading indicators for property investors is whether the amount of stock on the market is increasing or decreasing – as more comes on buyers have more choice so prices can tend to drop. In Vernon, the amount of stock on the market has decreased which is a positive indicator for house prices. Three months ago there were 5, this month we show 4.
As one of Ontario’s many potential real estate investment neighbourhoods, Vernon needs to be carefully researched before investing in – and remember to check especially the locations within an area before spending - the old estate agent’s mantra of location, location, location has never lost its importance.
Because the amount of real estate listed for sale has stayed the same it looks like housing market forces in neighbourhood are likely to not necessarily affect house prices.