Busby, 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 in Busby, Alberta
As of the latest data, the real estate market in Busby, Alberta, is characterized by steady growth. The median house price in the region currently stands at $500,000, marking a solid 3.5% increase year-over-year. This suggests a healthy demand for single-family homes, reflecting consumer confidence and a robust local economy.
In parallel, the apartment sector is also experiencing growth but at a slightly more modest pace. The median apartment price is $300,000, with an annual appreciation trend of 2.1%. This difference in growth rates between houses and apartments may indicate a stronger preference for more spacious living accommodations or could reflect a local market where single-family homes are in higher demand.
The population of Busby has reached approximately 15,000 residents, showing a substantial population growth of 7.1%. This significant influx of new residents could be contributing to the increased demand for housing and the consequent rise in property values.
Investment Opportunities and Potential in Busby, Alberta
The current market conditions suggest that Busby represents a promising area for real estate investment. With a consistent upward trend in property values across both houses and apartments, investors can expect capital gains over time. The substantial population growth further bolsters this potential as it may lead to continued demand for housing.
For those considering long-term investment strategies, rental properties could offer stable income streams given the expanding population base. Moreover, the higher appreciation rate of houses compared to apartments might attract investors looking for larger assets with potentially greater value appreciation.
It’s important for investors to conduct thorough due diligence and consider factors such as location within Busby, property condition, and local economic drivers that may affect real estate values differently within various segments of the market.
Future Market Outlook for Busby, Alberta
The future market outlook for Busby appears optimistic based on current trends and data. If the locality maintains its current trajectory of population growth and economic stability, it is likely that the real estate market will continue to flourish.
Given the steady year-over-year increases in property values and robust population expansion, we can reasonably anticipate ongoing demand for housing which should support further growth in property prices. However, potential investors and homeowners should remain cognizant of broader economic conditions and any local developments that might impact the market.
In conclusion, while no market analysis can guarantee future performance, current indicators point towards continued positive momentum for Busby’s real estate sector. It would be prudent for stakeholders to keep abreast of regional economic policies, infrastructure development projects, and other socio-economic factors that could influence market dynamics moving forward.
