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 exhibiting steady growth with the median house price sitting at $500,000, marking a year-over-year increase of 3.5%. This suggests a healthy demand for housing in the area, which is further supported by the upward trend in apartment prices. The median apartment price is currently estimated at $300,000, having risen by 2.1% over the same period.
The population of Bowness has also experienced significant growth, with a surge of 7.1%, indicating that the area is attracting new residents. The increasing population may be contributing to the demand for housing and can be seen as a positive indicator for continued market strength.
Investment Opportunities and Potential
Investors considering Bowness will find an appealing market with solid potential for capital gains given the consistent appreciation in property values. The current growth trends suggest that investments in both houses and apartments are likely to benefit from continued appreciation, though houses have shown a slightly higher rate of increase.
As the population continues to expand, rental demand is expected to rise, which could provide opportunities for investors to tap into the rental market. Long-term investment strategies might include purchasing residential properties to cater to this growing demographic or looking into development projects that align with the area’s increasing housing needs.
Future Market Outlook
The future outlook for Bowness’s real estate market appears optimistic. Population growth remains robust and is likely to sustain demand for housing. The consistent upward trend in property prices indicates a market that has not yet reached its peak and may continue to offer investment returns above inflation.
In light of these conditions, prospective buyers and investors may find it prudent to enter the market sooner rather than later to capitalize on the current momentum. It should be noted, however, that economic fluctuations and changes in local policies could impact future trends, making it essential for stakeholders to stay informed and adapt their strategies accordingly.
