Woodfibre, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 15,000 |
| Population Change | 1.3% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Woodfibre, British Columbia, is currently experiencing steady growth. With a median house price of $510,000 and a year-over-year increase of 4%, the market is showing signs of healthy demand. Similarly, the median apartment price stands at $315,000, with a slightly lower growth trend of 2.5% year-over-year.
This modest appreciation in property values indicates a stable market environment. The population of Woodfibre is 15,200 and has been growing at a rate of 1.3% per annum. This consistent population growth contributes to the sustained demand for housing in the area.
2. Investment Opportunities and Potential
The current trends suggest that Woodfibre offers promising investment opportunities, especially in residential real estate. The continuous population growth ensures that there will be a persistent need for housing, which bodes well for rental and resale markets.
In terms of investment potential, the steady increase in property values provides investors with the opportunity for capital gains over time. Additionally, given that the housing price increase has not been exorbitant, there is still room for new investors to enter the market without facing prohibitive costs.
For those interested in income-generating properties, the rental market could be particularly attractive due to the ongoing influx of residents and workers, possibly linked to local industries or developments.
3. Future Market Outlook
Looking ahead, the real estate market in Woodfibre appears poised for continued growth. Assuming that economic conditions remain favorable and population trends maintain their course, we can anticipate ongoing demand for both houses and apartments.
The current growth rates suggest that property values will keep rising at a sustainable pace. This would likely encourage both construction and resale activities, contributing positively to the local economy.
Investors should monitor factors such as local employment rates, infrastructure developments, and interest rates as they can significantly impact future real estate dynamics. However, given the current data and trends, Woodfibre’s real estate market prospects look optimistic.
