Whonnock, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 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 Whonnock, British Columbia is currently experiencing steady growth. With a median house price of $520,000 and a year-over-year increase of 4%, the market is showing signs of healthy demand. The median apartment price stands at $315,000, which has seen a slightly lower year-over-year increase of 2.5%. This difference in growth rate between houses and apartments may indicate a stronger demand for single-family homes in the area.
The population of Whonnock is 15,500 and has been growing at a rate of 3.3%. This ongoing population growth suggests that there is a continuous influx of residents who could potentially be looking for housing, thus sustaining demand in the real estate market.
Investment Opportunities and Potential
The current trends provide several investment opportunities in Whonnock’s real estate market. The consistent rise in property values indicates that purchasing residential properties could yield capital gains over time. Investors might consider investing in single-family homes due to their higher growth trend compared to apartments.
Additionally, with the population increasing steadily, there is potential for rental investments to cater to new residents who may not be immediately ready to purchase homes upon arrival. The ongoing population growth also suggests the potential need for development projects that could cater to the increasing demand for housing.
Future Market Outlook
Moving forward, if the current trends continue alongside population growth, the market outlook for Whonnock appears positive. The consistent increase in property values points towards a stable real estate environment with continued opportunities for appreciation.
However, investors and homebuyers should stay informed about local economic factors and any changes in government policies affecting real estate that could impact future market conditions. Keeping an eye on interest rates and employment statistics will also be crucial since these can affect buyers’ purchasing power and overall demand within the market.
In conclusion, Whonnock’s real estate market is currently on an upward trajectory with favorable conditions for both investors looking for capital gains and landlords seeking rental income opportunities. Prospective actions should be made with careful consideration of broader economic indicators to ensure sustainable investment decisions.
