Benalto, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 1.0% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.5% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,700 |
| Previous Population (2019) | 15,000 |
| Population Change | 4.7% |
| 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 Benalto, Alberta is currently experiencing moderate growth. The median house price stands at $485,000, with a year-over-year increase of 2.8%. This indicates a healthy upward trend, suggesting that the market is steadily growing without any signs of overheating or rapid inflation.
Similarly, the median apartment price is currently $295,000, which has grown by 1.5% from the previous year. This slower growth rate compared to houses suggests that apartments are a more stable but less rapidly appreciating investment.
The population of Benalto has reached approximately 15,700, with a significant population growth rate of 4.67%. This demographic trend is likely contributing to sustained demand for housing in the area.
Investment Opportunities and Potential
The consistent growth in property values, coupled with a robust population increase, positions Benalto as an attractive location for real estate investment. The housing market shows potential for long-term capital gains, particularly for those investing in single-family homes given the higher growth rate in this category.
Apartments offer an alternative investment opportunity with a more modest appreciation rate. However, they may be well-suited for investors looking for lower entry prices or those seeking rental properties to capitalize on the increasing local population.
The current trends also suggest opportunities for development projects to meet the growing housing demand driven by the expanding population.
Future Market Outlook
The future outlook for Benalto’s real estate market remains optimistic. The steady rise in property values and the strong population growth are indicators of ongoing demand. If these trends continue, investors can reasonably expect continued appreciation in property values over time.
However, it’s important to consider that external economic factors such as interest rates, employment rates, and regional economic developments could impact these projections. As always, potential investors should conduct thorough due diligence and consider both local and broader economic indicators before making any real estate investment decisions.
