Wonowon, 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 real estate market in Wonowon, British Columbia, is currently experiencing steady growth. With a median house price of $500,000 and an annual increase of 3.5%, the market is maintaining a healthy upward trend. This suggests a stable demand for detached homes in the region. Similarly, the median apartment price stands at $300,000, with a more modest year-over-year growth rate of 2.1%. These trends reflect a consistent yet cautious investment in smaller residential units.
The local population has reached approximately 15,000 residents, with a notable growth rate of 7.1%. This rapid increase is likely to continue fueling housing demand, contributing to the overall health of Wonowon’s real estate market.
Investment Opportunities and Potential
The current figures indicate that investment opportunities in Wonowon are promising, especially for long-term investors. The consistent appreciation in home values offers potential for capital gains over time. Given the significant population growth, there is an anticipation of increased rental demand, which could benefit investors looking to enter the buy-to-let market.
In addition to residential properties, the expanding demographic may also present opportunities in commercial real estate development and investment as businesses seek to cater to the growing community’s needs.
Future Market Outlook
Looking ahead, Wonowon’s real estate market outlook remains optimistic. The combination of steady price growth in housing, robust population expansion, and economic stability points towards a sustainable growth trajectory for both house and apartment markets.
The area’s capacity to attract new residents will be critical in sustaining this momentum. If current trends persist, investors can expect continued appreciation in property values along with increasing rental yields due to higher demand for housing.
In conclusion, careful monitoring of economic factors and demographic shifts will be essential for those looking to capitalize on Wonowon’s real estate potential. Nonetheless, current data indicates that Wonowon represents a solid market with diverse opportunities for savvy investors.
