Cherhill, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $500,000 |
Monthly growth | 1.2% |
Quarterly trend | 3.5% |
Stock on market | 0.8% |
Apartment
Median price | $300,000 |
Monthly growth | 0.9% |
Quarterly trend | 2.1% |
Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $400,000 |
3 bedrooms | $500,000 |
4 bedrooms | $600,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $250,000 |
2 bedrooms | $350,000 |
3 bedrooms | $450,000 |
Demographics
Current Population (2025) | 15,000 |
Previous Population (2020) | 14,000 |
Population Change | 7.1% |
Total Private Dwellings | 6,000 |
Occupied Private Dwellings | 5,500 |
Population Density (per km²) | 1.5 |
Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Cherhill, Alberta is currently characterized by steady growth. The median house price in the region stands at $500,000, indicating a stable and affluent housing sector. Over the past year, house prices have experienced an upward trend, growing by 3.5%. This growth rate is reflective of a robust demand for single-family homes within the market.
In comparison, the median apartment price is significantly lower at $300,000, appealing to a different segment of buyers or investors who may be looking for more affordable or smaller-scale investment opportunities. Apartments have seen a slower yet consistent increase in price at a rate of 2.1% year-over-year.
The population of Cherhill stands at 15,000 and has been on the rise with a notable growth rate of 7.1%. This demographic expansion contributes to the increased demand for housing and suggests that the market will remain dynamic in the near future.
2. Investment Opportunities and Potential
Investment opportunities within Cherhill’s real estate market are currently promising due to sustained population growth and housing demand. Investors considering entry into this market should note that single-family homes present potential for higher capital gains given their higher annual price increase compared to apartments. However, apartments can offer more accessible entry points into the property market and may be particularly attractive for rental investments due to their lower purchase price.
The ongoing population increase also suggests a continuous need for residential properties, making new development projects or investments in existing housing stock potentially lucrative. Additionally, as prices continue to rise steadily, long-term investment strategies could yield substantial returns as equity in properties grows over time.
3. Future Market Outlook
Looking ahead, the Cherhill real estate market appears poised for continued growth. The consistent rise in population indicates an enduring requirement for housing which is likely to maintain upward pressure on property prices. If current trends persist, investors can expect the median house price trajectory to follow its 3.5% annual increase while apartments may continue their 2.1% year-over-year rise.
However, it is important for investors to consider economic factors such as employment rates, regional developments, and interest rates that can influence market conditions. Careful monitoring of these elements alongside demographic trends will be crucial in assessing future performance of investments in Cherhill’s real estate market.
The overall outlook remains positive with a strong potential for both short-term gains through resale and rentals, as well as long-term capital appreciation given the healthy state of the market and its projected trajectory.