Whonnock, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $530,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
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 | $530,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $460,000 |
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 Whonnock, British Columbia is currently experiencing steady growth. With a median house price of $530,000, the area has seen a year-over-year increase of 4%. This indicates a healthy demand for housing and a robust market for sellers. The apartment sector is also showing positive momentum, though at a slightly milder pace, with a median price of $320,000 and an appreciation rate of 2.5% over the past year.
Whonnock’s population has grown by 3.3%, reflecting an increasing demand for residential properties. This growth contributes to the sustained upward pressure on property values in the region. The local real estate market is benefiting from this demographic trend as new residents seek housing, thereby stimulating both the sales and rental markets.
Investment Opportunities and Potential
Investors looking at Whonnock’s real estate landscape will find promising opportunities, particularly in the single-family home segment. Given the solid 4% growth in house prices, investing in residential properties could yield appreciable capital gains over time. Additionally, the area’s growing population suggests that rental properties may also represent a viable investment strategy to capitalize on the potential for rising rental income as demand for housing continues to surge.
Apartment properties present a more modest investment opportunity with their 2.5% growth rate. However, these could be particularly attractive to investors seeking lower entry points into the market and more manageable maintenance responsibilities compared to detached homes. The steady population increase implies that smaller units such as apartments will remain in demand, especially among newcomers and young professionals seeking affordable housing options.
Future Market Outlook
The future outlook for Whonnock’s real estate market appears positive. The consistent population growth serves as a strong indicator that demand for housing will persist, underpinning future property value increases and investment returns. Given current trends and assuming no major economic disruptions, both the house and apartment markets are likely to maintain their upward trajectories.
However, investors should monitor local economic developments and broader national trends that might impact interest rates and lending conditions, which could affect buyers’ purchasing power. Additionally, keeping an eye on any changes in zoning regulations or development plans within Whonnock can provide insights into future supply changes that might influence market dynamics.
