Bowness, 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 Bowness, Alberta is currently experiencing stable growth. With a median house price set at $500,000 and an annual appreciation trend of 3.5%, the housing market demonstrates healthy growth that aligns with broader national trends. Similarly, the median apartment price in Bowness stands at $300,000, following a slower yet steady year-over-year increase of 2.1%. These figures suggest a balanced market where both segments are growing, with houses appreciating at a slightly faster rate than apartments.
The population of Bowness has reached approximately 15,000 residents, showcasing a robust population growth of 7.1%. This significant increase in population is indicative of Bowness’s rising appeal and suggests a potential uptick in demand for housing in the near future.
Investment Opportunities and Potential
In light of the current market conditions, Bowness offers promising investment opportunities for both residential properties and rental units. The steady increase in property values provides investors with the prospect of capital gains over time. Moreover, the substantial population growth positions rental properties as a favorable option given the likely rise in demand for housing from new residents.
The greater gains observed in house prices compared to apartments may entice investors to focus on detached or semi-detached homes. However, apartments should not be overlooked due to their lower entry cost and appealing nature to smaller households or individuals contributing to the population growth.
Future Market Outlook
The future outlook for Bowness’s real estate market remains positive. Assuming that the current trends continue, investors can expect ongoing appreciation in property values coupled with a potentially increasing rental demand driven by population growth.
The sustained growth patterns suggest that the local economy is healthy and capable of supporting further real estate development. Investors considering entering or expanding within the Bowness market should do so with optimism but remain vigilant about broader economic factors that could influence these local trends.
In conclusion, careful monitoring of economic indicators and market trends will be essential for those looking to capitalize on Bowness’s real estate market now and in the coming years.
