Westbridge, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 current real estate market in Westbridge, British Columbia, is experiencing a steady increase in property values. With the median house price sitting at $500,000 and exhibiting a 3.5% year-over-year growth, the market is showing healthy expansion. Similarly, apartments are seeing a gradual appreciation with the median price at $300,000 and following a 2.1% year-over-year uptick.
This growth can be attributed to several factors including Westbridge’s growing population, which has risen by 7.1%. The influx of new residents suggests a robust demand for housing which is likely contributing to the steady increase in property prices across the board.
Investment Opportunities and Potential
The consistent rise in property values presents an attractive opportunity for real estate investors looking at Westbridge. With both house and apartment prices trending upwards, long-term capital gains appear promising for those investing in residential real estate.
In addition to appreciation potential, the population growth indicates a rising demand for rental properties. Investors may find profitable opportunities in purchasing properties to cater to this segment, especially as the community continues to expand.
The moderate price increase also suggests that the market is not overheating, making it an opportune time for investors to enter the market before prices potentially accelerate further.
Future Market Outlook
Looking ahead, Westbridge’s real estate market shows signs of sustained growth. The solid population increase coupled with ongoing demand for housing suggests that both house and apartment prices may continue to rise at a steady pace.
Furthermore, if current economic conditions persist and Westbridge continues to attract new residents due to its livability, employment opportunities or other factors, the real estate market could see even greater demand leading to higher property valuations over time.
Cautious optimism is advised as external economic factors such as interest rates and national economic health can influence local markets. However, based on the current data and trends, Westbridge’s real estate outlook remains positive with good potential for investment returns in the mid to long term.
