Wasa, 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 | 0.6% |
Apartment
| Median price | $310,000 |
| 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 | $360,000 |
| 3 bedrooms | $475,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 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 Wasa, British Columbia is currently experiencing steady growth. The median house price stands at $525,000, reflecting a year-over-year increase of 4%. This suggests a healthy demand for single-family homes in the region. Similarly, the median apartment price has seen a more modest growth of 2.5% year-over-year, with current figures at $310,000. These trends indicate a balanced market where both types of housing are appreciating, but at a sustainable rate.
The local population has reached approximately 15,500, with a robust growth rate of 3.3%. This demographic expansion is likely contributing to the sustained demand for housing and may be an indicator of a thriving local economy that is attracting new residents.
Investment Opportunities and Potential
In terms of investment potential, Wasa’s real estate market presents several opportunities. The consistent growth in median house prices signifies that investments in residential properties have the potential for capital appreciation over time. The moderate yet steady increase in apartment values also suggests that multi-family units could be a sound investment, catering to individuals and small families who prefer this type of accommodation or cannot afford to enter the detached housing market.
The positive population growth trend further supports the notion that there will be continued demand for housing in the foreseeable future. Investors might also consider exploring rental properties as a long-term investment strategy due to the increasing population that may include renters seeking accommodation.
Future Market Outlook
The future outlook for Wasa’s real estate market remains optimistic. If current trends persist, property values are expected to continue on their upward trajectory, albeit at a gradual pace that mitigates the risks of a market bubble. The stable year-over-year price increases across different types of housing stock suggest that there is ongoing confidence among buyers and investors alike.
Furthermore, the strong population growth rate will likely maintain pressure on the local housing supply, potentially leading to further development projects and opportunities in both the residential and commercial sectors. However, it is crucial for stakeholders to monitor economic indicators closely as external factors such as interest rates and employment levels can influence market dynamics significantly.
In conclusion, Wasa’s real estate market appears to be on solid footing with promising prospects for those looking to invest in property within the region.
