Castor, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $475,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $475,000 |
| 4 bedrooms | $560,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
In Castor, Alberta, the real estate market is currently experiencing steady growth. With a median house price of $475,000 and an annual appreciation trend of 3%, the market is demonstrating resilience and potential for stable returns. Similarly, the median apartment price stands at $290,000, having increased by 2% over the past year. These trends indicate a balanced market environment where property values are growing at a sustainable pace.
The population of Castor has reached 15,000 residents and is continuing to expand with a robust growth rate of 3.4%. This demographic development suggests a rising demand for housing which could further fuel the real estate market in the area.
2. Investment Opportunities and Potential
Investment opportunities within Castor’s real estate sector are promising due to the consistent increase in property values and population growth. Residential properties appear to be particularly attractive investments given their higher year-over-year appreciation rate compared to apartments. For investors looking for long-term capital gains, purchasing single-family homes could potentially yield substantial returns.
Apartments also offer investment potential, especially for those interested in rental income given their lower entry price point and positive appreciation trend. The growing population may lead to increased rental demand, which can benefit landlords and real estate investors seeking steady cash flow.
3. Future Market Outlook
The future outlook for Castor’s real estate market remains optimistic. Considering the current growth trajectory in both property values and population figures, it is likely that demand for housing will continue to rise. As long as economic conditions remain favorable and the local job market stays robust, supporting new residents’ needs, we can expect ongoing positive momentum in the housing sector.
However, investors should monitor local economic developments and any potential changes in interest rates or government housing policies that could impact buyer affordability and influence market dynamics.
