Bonnyville, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 3 bedrooms | $400,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,520.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Bonnyville, Alberta, is currently experiencing a moderate level of activity. With a median house price of $485,000 and a year-over-year increase of 3.2%, the market is showing signs of growth and stability. The median apartment price stands at $295,000 with a growth trend of 2.5% over the same period. This suggests that although the market is not booming, it is making steady progress.
The population of Bonnyville has reached approximately 15,500 residents, demonstrating a healthy growth rate of 3.3%. This increase in population is likely contributing to the demand for housing in the area, which in turn may be pushing prices upward to some extent.
Investment Opportunities and Potential
Bonnyville offers various investment opportunities for both residential property buyers and real estate investors. The consistent growth in house and apartment prices indicates a potential for solid returns on investment over time. Furthermore, the ongoing population growth suggests an enduring demand for rental properties, which could benefit landlords and real estate investors looking for long-term income streams.
Investors should also consider the broader economic factors and industry presence in Bonnyville that could influence real estate values. Factors such as employment rates, local economic development projects, and infrastructure improvements can have significant impacts on investment potential.
Future Market Outlook
The future outlook for the Bonnyville real estate market appears cautiously optimistic. Given the steady increase in property values and continuous population growth, it is reasonable to expect that the market will maintain its current trajectory in the near term. However, investors and homebuyers should stay informed about regional economic conditions and any changes in local policies that may affect property values.
While no market is without risk, Bonnyville’s current trends provide a positive indication for those considering entering the real estate market or expanding their investment portfolios within this community.
