Whalley, 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 | 0.8% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
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 | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Whalley, British Columbia is currently experiencing moderate growth. The median house price stands at $525,000, with a year-over-year price increase of 4%. This indicates a stable and growing housing market. On the other hand, the median apartment price is $320,000, with a slightly lower growth rate of 2.5% year-over-year. The slower growth rate in apartment prices suggests a more competitive market for multifamily dwellings, which may be attributed to shifting buyer preferences or an increase in apartment supply.
The area’s population has grown by 3.3%, reflecting a robust local economy and an influx of new residents. This population growth can contribute to sustained demand for housing, potentially supporting ongoing price increases and offering opportunities for both homebuyers and investors.
Investment Opportunities and Potential
In light of the current trends, Whalley offers promising investment opportunities. The consistent increase in house and apartment prices suggests that the market has not yet reached its peak, and there is potential for further appreciation in property values. Investors looking to capitalize on this potential should consider the following:
- Rental Properties: With the population increase, there is likely a higher demand for rental units. Investing in apartments or houses to rent out could yield positive cash flows and capital gains over time.
- Development Projects: Developers may find opportunities to cater to the growing population by constructing new residential units or renovating existing properties to meet modern standards.
- Long-Term Appreciation: Given the steady growth rate, long-term investments in Whalley real estate could result in significant appreciation, making it a valuable addition to an investment portfolio.
Future Market Outlook
The future market outlook for Whalley appears positive. The combination of sustained population growth and steady increases in property values points toward ongoing demand for housing. Investors can reasonably expect continued market health provided that economic conditions remain stable and no major shifts occur in local policies affecting real estate.
However, it’s important to note that external factors such as interest rates, employment rates, and broader economic performance can impact local markets. Investors should stay informed about both local trends and wider economic indicators to make educated decisions.
In conclusion, Whalley’s real estate market shows significant promise for both homeowners looking to build equity and investors seeking profitable opportunities. The key will be to monitor market conditions closely and act strategically based on current data and informed predictions about future trends.
