Warfield, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.9% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $370,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,800 |
| Population Change | 2.7% |
| 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 Warfield, British Columbia, is currently experiencing steady growth. With a median house price settled at $525,000, the market has seen an increase of 4% year-over-year. This suggests a healthy demand for housing in the area, likely fueled by several local factors such as economic stability and lifestyle attractiveness. Similarly, the median apartment price stands at $320,000, which has risen by 2.5% year-over-year. This slower pace of growth for apartments might indicate a more substantial interest in single-family homes or could be due to a higher inventory of apartments.
Investment Opportunities and Potential
The steady population growth of 2.7%, bringing the local population to approximately 15,200 residents, is creating promising investment opportunities in Warfield’s real estate market. The consistent increase in property values points to a strong and growing housing demand. For investors looking to capitalize on residential properties, single-family homes seem particularly appealing given their higher appreciation rate compared to apartments.
In addition to residential real estate, investors may also explore commercial properties or development projects that cater to the growing population. The combination of increasing demand and moderate price increases suggests that Warfield could offer a balanced risk-reward ratio for both short-term and long-term investment strategies.
Future Market Outlook
The future outlook for Warfield’s real estate market appears optimistic. As population growth continues at a steady clip, demand for housing is expected to maintain its upward trajectory. If current trends persist, property prices are likely to continue rising, albeit at a measured pace which is beneficial for maintaining market stability.
Favorable conditions such as low-interest rates, economic diversification, and regional development initiatives could further bolster this positive trend. However, potential investors should also remain vigilant about broader economic factors and regulatory changes that might influence the market dynamics. Maintaining a keen eye on both local and national economic indicators will be key for anyone looking to invest successfully in Warfield’s real estate landscape.
