Cochrane, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
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 Cochrane, Alberta is experiencing steady growth, characterized by increased demand and rising property values. The median house price stands at $520,000, representing a year-over-year increase of 4%. This growth indicates a healthy market with ongoing interest from buyers. The median apartment price is currently $310,000, with a slightly lower year-over-year increase of 2.5%. This suggests that while the market for apartments is growing, it is doing so at a more modest pace compared to houses.
The population of Cochrane is approximately 15,500 residents, with a notable growth rate of 3.3%. This increase in population is likely contributing to the demand for housing and can be seen as a driving force behind the positive trends in property values. The current market conditions offer an attractive environment for both homebuyers and investors, with an expectation of continued value appreciation in the short to medium term.
Investment Opportunities and Potential
Cochrane’s real estate market presents several investment opportunities. The consistent rise in house prices coupled with a significant population growth suggests that investing in residential properties could yield considerable returns over time. New developments and infrastructure projects may further enhance property values, providing investors with potential capital gains as well as rental income possibilities.
For those looking at long-term investments, the current trend in house prices indicates a strong market with the potential for sustainable growth. Apartments offer a lower entry point for investment and can appeal to a broader range of renters, including young professionals and smaller families. With the current growth rate in apartment prices at 2.5% year-over-year, investors can anticipate gradual but steady appreciation in value.
Future Market Outlook
The future outlook for Cochrane’s real estate market remains optimistic given the consistent upward trend in property values and ongoing population growth. As more people move to Cochrane seeking its small-town charm combined with close proximity to Calgary’s urban amenities, housing demand is expected to remain robust.
With the town’s commitment to development and enhancement of local infrastructure, the appeal of Cochrane as a place to live is likely to increase further. This bodes well for investors and homeowners alike, who can expect continued appreciation in property values. However, potential buyers should remain mindful of economic conditions and interest rates which could impact borrowing costs and affordability.
In conclusion, Cochrane’s real estate market shows solid growth prospects underpinned by strong fundamentals such as rising property values and population growth. While external economic factors may influence market dynamics, the overall outlook appears promising for both current homeowners and prospective investors.
