Bonnyville, 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
Current Market Conditions and Trends
The real estate market in Bonnyville, Alberta, demonstrates a steady growth pattern as evidenced by the current housing data. With a median house price of $500,000 and an appreciative trend of 3.5% year-over-year, the housing sector shows resilience and potential for sustained value retention. Similarly, the apartment market is experiencing a positive trajectory with a median price point of $300,000 and a 2.1% increase year-over-year.
The population of Bonnyville stands at approximately 15,000 residents with a significant growth rate of 7.1%. This influx is likely to drive demand for housing both in the purchase and rental markets, suggesting robust activity in the near future. The existing trends highlight a seller’s market, where inventory may be outpaced by demand, potentially leading to further price increases.
Investment Opportunities and Potential
Investment opportunities within Bonnyville are currently promising due to the town’s growing population and upward trending property values. Real estate investors looking for long-term capital appreciation may find single-family homes to be attractive assets given their steady year-over-year price increase. The rental market also presents potential due to the influx of new residents seeking accommodation.
Apartments offer a more accessible entry point for investors with median prices at $300,000 and a modest but consistent appreciation rate. These properties can serve as appealing options for first-time investors or those looking to diversify their portfolio with multifamily units.
Investors should also consider local economic drivers, community development plans, and infrastructural improvements that might influence future property values in Bonnyville.
Future Market Outlook
The future outlook for the Bonnyville real estate market remains optimistic based on current trends and demographic indicators. Population growth at 7.1% suggests that there will be continued demand for housing which is likely to support further appreciation in property values. Assuming consistent economic conditions, the real estate market is expected to remain stable with potential for moderate growth.
However, prospective buyers and investors should stay informed about macroeconomic factors including interest rates, employment rates, and regional economic developments that could impact the market dynamics. It is also advisable to monitor any changes in local policies or regulations that might affect the real estate industry in Bonnyville.
