Burmis, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| 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 | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Burmis, Alberta is currently experiencing steady growth. The median house price in the area stands at $485,000, which represents a 4% increase year-over-year. This suggests a healthy upward trend in property values for houses. On the other hand, apartments are also seeing a positive trend, albeit at a slower pace, with the median apartment price at $295,000 – up by 2% from the previous year.
The population of Burmis has grown to 15,200, with a growth rate of 2.7%. This increasing population is likely contributing to the demand for housing and can be seen as a driving factor behind the rising property prices. The demand for both houses and apartments appears to be on an upward trajectory in response to this demographic growth.
2. Investment Opportunities and Potential
Given the steady increase in property values and the growing population, Burmis offers compelling investment opportunities. Investors looking to capitalize on the single-family housing market can find potential in the 4% annual growth observed in median house prices. This suggests that investments made today could yield appreciable returns if current trends continue.
Apartments offer a more accessible entry point into the real estate market with their lower median price point of $295,000. The slower growth rate of 2% year-over-year still presents an opportunity for investors focusing on rental income or those looking for more affordable investment options with potential long-term capital appreciation.
3. Future Market Outlook
The future market outlook for Burmis remains optimistic based on current trends and data. Continued population growth is expected to drive demand for housing further, potentially leading to sustained or even increased rates of appreciation in property values over time. As long as economic conditions remain favorable and the area continues to attract new residents, both housing and apartment markets are poised for ongoing growth.
However, investors should remain vigilant about external economic factors that could impact interest rates and borrowing costs. A balanced approach towards investment properties that considers both current trends and potential risks will be essential for long-term success in Burmis’ real estate market.
