Carway, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 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
Current Market Conditions and Trends
As of the latest data, the real estate market in Carway, Alberta is exhibiting steady growth. The median house price stands at $495,000, with a year-over-year increase of 3.2%. This increment reflects a healthy demand for single-family homes in the area. In comparison, the median apartment price is currently $295,000, experiencing a more modest annual growth rate of 1.9%. The differential growth rates between houses and apartments suggest that there might be a stronger market preference for larger, private living spaces or potential saturation in the apartment sector.
The population of Carway has reached approximately 15,200 residents, with a growth rate of 2.7%. This population increase is likely contributing to the demand for housing and can explain, in part, the upward pressure on property prices.
Investment Opportunities and Potential
In light of the current market conditions, investment opportunities in Carway appear promising, particularly in the single-family home segment. The consistent appreciation in house prices indicates a stable market with potential for solid returns over time. For investors seeking long-term capital gains, purchasing properties at the current median price could be lucrative given the sustained upward trend.
Apartments present a different investment profile with slower price appreciation. However, they may offer entry points for investors with smaller budgets or those looking for rental income opportunities. With population growth outpacing national averages, rental demand is expected to remain strong, which could make apartment investments attractive from an income-generating perspective.
Future Market Outlook
The future outlook for Carway’s real estate market remains optimistic based on current trends and demographic indicators. Assuming continued economic stability and population growth at or above current levels, demand for housing is likely to persist. This suggests that both house and apartment prices may see further increases, although possibly at different rates.
Investors should monitor factors such as employment rates, local economic developments, and interest rates as these will play critical roles in shaping the trajectory of the real estate market. Additionally, infrastructure projects and government policies affecting homeownership could impact future market dynamics.
In conclusion, Carway offers viable opportunities for real estate investment with its growing population and positive property price trends. Both short-term investors focusing on flipping properties and long-term investors looking to accumulate assets for rental income or capital appreciation may find value in this market.
