Carway, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| 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 | $335,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The current real estate market in Carway, Alberta exhibits steady growth. The median house price stands at $485,000, displaying an annual increase of 3.3%. This suggests a stable upward trend in the housing market, reflecting healthy demand and a good balance between supply and demand.
In contrast, the market for apartments is showing a more modest growth rate. The median apartment price is currently $295,000 with a year-over-year increase of 2.5%. This slower pace indicates that while there is appreciation in the apartment sector, it may be more susceptible to market fluctuations than houses.
The population of Carway is reported to be around 15,300, with a growth rate of 2%. This consistent population increase contributes to the ongoing demand for housing in the area.
Investment Opportunities and Potential
The consistent growth in house prices combined with a stable increase in population suggests that Carway holds promising investment opportunities. The housing sector appears to be particularly robust and may offer higher potential returns for investors looking at long-term capital gains.
Apartments represent an alternative investment opportunity with a lower entry point in terms of price. While the growth in apartment prices is less aggressive than that of houses, investors might find opportunities in rental income given the growing population and potential demand for more affordable housing options.
Future Market Outlook
Moving forward, the real estate market outlook for Carway, Alberta remains positive. Given the steady population growth and consistent upward trends in property values, it is reasonable to anticipate continued demand for housing.
An important factor that could impact this outlook would be economic changes that affect employment rates or interest rates within the region. However, assuming stability in these areas, both housing and apartments are poised to remain attractive investments with potential for appreciation.
In conclusion, Carway’s real estate market appears healthy with sustainable growth indicators. Investors should consider both short-term income-generating properties as well as long-term investment strategies to capitalize on the town’s prospering market conditions.
