Bitumount, Alberta 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 (2025) | 15,000 |
Previous Population (2020) | 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 Bitumount, Alberta, is currently experiencing a steady growth phase. With a median house price of $500,000 and an annual appreciation trend of 3.5%, the market reflects a healthy demand for single-family homes. Similarly, the median apartment price stands at $300,000 with a slightly lower appreciation rate of 2.1% year-over-year. This modest yet consistent growth in property values suggests that the market is stable and not subject to extreme fluctuations.
The population of Bitumount has seen a significant increase of 7.1%, indicating an inflow of new residents and potential homebuyers. This demographic trend is likely contributing to the sustained demand for housing in the area.
Investment Opportunities and Potential
The positive population growth coupled with the consistent appreciation in property values presents attractive investment opportunities in Bitumount’s real estate market. Single-family homes represent potentially lucrative assets for both rental income and capital gains due to their higher year-over-year price increase.
Apartments, with a lower entry price point and steady appreciation, offer investors opportunities for diversification and appeal to renters who prefer more affordable or centrally located living options. Investors should also consider long-term strategies as the ongoing population growth suggests continued demand for housing across all sectors.
Future Market Outlook
Moving forward, the future market outlook for Bitumount appears optimistic. The strong population growth is expected to persist, further driving demand for housing in both purchase and rental markets. If current economic conditions hold steady, we can anticipate a continuation of the current appreciation trends in both houses and apartments.
Investors and homebuyers should remain cautiously optimistic but vigilant of broader economic factors that may impact interest rates, employment levels, and overall affordability which could subsequently affect the local real estate market dynamics.