Chin, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Chin, Alberta is currently experiencing a steady growth trend. The median house price stands at $485,000, having increased by 2.8% year-over-year, which indicates a stable and expanding market. Similarly, the median apartment price has seen a more modest year-over-year increase of 1.5%, now sitting at $295,000. These trends suggest that while the market is growing, it is doing so at a sustainable rate.
The population growth of 3.3% further supports the healthy demand for housing in Chin, with an expanding population base contributing to the upward pressure on property values. Given that the population has grown to 15,500, this small town atmosphere coupled with growth suggests a balanced market where supply and demand are in alignment.
Investment Opportunities and Potential
With consistent growth in both property values and population, Chin presents attractive investment opportunities. The incremental increase in property prices suggests that investments will benefit from stable appreciation over time without the volatility present in larger markets. This provides an ideal scenario for long-term investors seeking steady capital gains.
The moderate price point of apartments at $295,000 offers an accessible entry for investors looking to capitalize on rental demand. As the population continues to grow, rental properties may become increasingly sought after, potentially leading to favorable rental yields and low vacancy rates for investors.
Future Market Outlook
The outlook for Chin’s real estate market remains positive based on current trends and demographics. Continued population growth at a rate of 3.3% will likely sustain demand for housing and could put upward pressure on both home and apartment prices going forward.
The steady house price trend of 2.8% year-over-year growth suggests that houses in Chin will continue to be a sound investment with potential for moderate capital appreciation. Assuming no significant changes in the economy or local policies occur, it is reasonable to expect that these trends will hold up in the foreseeable future.
In conclusion, Chin’s real estate market is characterized by its stability and potential for steady growth. It offers promising opportunities for investors aiming for long-term value appreciation without the risks associated with highly volatile markets.
