Bonanza, 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 (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
1. Current Market Conditions and Trends
The real estate market in Bonanza, Alberta is currently experiencing moderate growth. The median house price stands at $500,000, with a positive year-over-year trend of 3.5%. This indicates a healthy demand for housing in the area, with prices steadily increasing but not at an exorbitant rate. Similarly, apartments are also seeing a rise in value, with the median price at $300,000 and growing by 2.1% year-over-year.
Bonanza’s population has grown by 7.1%, suggesting a burgeoning demand for residential properties. This population increase can be attributed to factors such as employment opportunities, lifestyle preferences, or regional investments that attract new residents and contribute to the vitality of the local real estate market.
2. Investment Opportunities and Potential
The consistent upward trend in property values coupled with significant population growth positions Bonanza as an attractive location for real estate investment. Single-family homes offer solid potential for capital appreciation given the higher growth rate in house prices compared to apartments. Investors may find this segment more lucrative over the long term.
Apartments represent a different kind of opportunity, appealing to those interested in rental income. As the population grows, so does the need for rental accommodations, especially among newcomers who may not yet be ready to purchase property. The slower growth rate of apartment prices suggests that these investments might be more accessible entry points into the real estate market for investors.
3. Future Market Outlook
The future outlook for Bonanza’s real estate market appears promising. The current trends suggest continued growth driven by population expansion and sustained demand for housing. Assuming no significant economic disruptions, one can expect further moderate increases in property values.
The strong population growth rate indicates that there will likely be continued demand for both ownership and rental properties. It is reasonable to anticipate that if current economic conditions persist—such as stable employment rates and regional investment—Bonanza’s real estate market will remain robust, making it a worthy consideration for investors and homebuyers alike.
