Castor, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| 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 | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.5% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Castor, Alberta, is currently experiencing steady growth. With a median house price of $485,000 and an annual price increase of 3.2%, the market is demonstrating resilience and consistent appreciation in property values. The median apartment price stands at $295,000, which has also seen a year-over-year increase but at a slightly more modest rate of 1.9%. The population of Castor has reached 15,000 residents, with a substantial growth rate of 3.45%. This demographic expansion suggests a growing demand for housing in the area.
Investment Opportunities and Potential
Given the steady upward trend in property values and the ongoing population growth, Castor presents attractive investment opportunities. For investors looking at long-term capital gains, purchasing residential properties could be a strategic move as the demand for housing is likely to continue to rise alongside the increasing population. Moreover, the slower growth in apartment prices compared to houses indicates potential for entry-level investments that could cater to individuals or smaller households seeking more affordable housing options.
Future Market Outlook
The future outlook for Castor’s real estate market remains optimistic. The consistent house price trends and robust population growth signal a stable market with potential for further expansion. If current economic conditions persist and no significant external shocks impact the regional economy, it is reasonable to anticipate continued property value appreciation and investment returns over the coming years. Investors and homebuyers should monitor local developments closely to make informed decisions tailored to their financial goals and risk preferences.
