Busby, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.9% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Busby, Alberta is currently experiencing steady growth. The median house price stands at $485,000, which reflects a 2.9% year-over-year increase. This indicates a healthy demand for single-family homes in the area, likely driven by both local factors and broader provincial economic conditions.
In the apartment sector, the median price is set at $295,000, with a slightly lower growth rate of 2% year-over-year. This suggests that while there is an appreciation in value, the apartment market is somewhat more stable than the single-family home segment.
Busby’s population has reached 15,500 residents, growing at a rate of 3.3%. Such growth contributes to a dynamic housing market by increasing demand for both ownership and rental properties.
Investment Opportunities and Potential
The positive trends in Busby’s housing market offer various investment opportunities. The consistent increase in property values implies potential for capital gains over the long term. Specifically, single-family homes represent a promising investment vehicle given their higher appreciation rate.
The apartment segment also presents potential benefits. Investors looking for lower entry points and stable, if slightly more modest, growth might find apartments appealing. Moreover, with population growth outpacing new housing developments, rental demand is likely to remain strong, suggesting good prospects for buy-to-let investors.
Future Market Outlook
The future outlook for Busby’s real estate market appears optimistic. Population growth remains robust and is expected to sustain demand across all housing types. The current trends of gradual price increases hint at a balanced market that avoids the volatility seen in other regions.
However, investors should remain vigilant about external economic factors such as interest rates and employment levels that could impact buyer affordability and influence market dynamics.
In conclusion, Busby’s real estate market shows positive signs for both short-term stability and long-term growth potential. Careful consideration of property types and close monitoring of economic indicators will be essential for successful real estate investments in this region.
