Coronation, 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 (2024) | 15,000 |
| Previous Population (2019) | 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
Current Market Conditions and Trends in Coronation, Alberta
The real estate market in Coronation, Alberta has been showing a steady increase, with the median house price currently standing at $500,000. This reflects a year-over-year growth of 3.5%, indicating a healthy upward trend in property values for the region. Similarly, the median apartment price has reached $300,000, which has grown at a slightly lower rate of 2.1% over the same period.
The population of Coronation is also on the rise with recent figures showing a 7.1% increase, suggesting a growing demand for housing. This influx of residents can be attributed to various factors including employment opportunities and the appeal of living in a smaller community.
As these trends continue, the real estate market in Coronation is experiencing a balanced dynamic where supply meets demand, maintaining stability in property prices and ensuring that homes are neither undervalued nor overpriced.
Investment Opportunities and Potential in Coronation
Given the steady growth in property values and the increasing population, Coronation offers promising investment opportunities. The consistent rise in house and apartment prices points to a robust real estate market with potential for capital appreciation. Investors could benefit from both long-term equity gains and rental income, especially considering the population growth that may drive demand for rental properties.
Furthermore, with median prices still accessible compared to larger urban centers, Coronation presents an attractive entry point for first-time homebuyers and investors alike. The diverse inventory ranging from single-family homes to apartments caters to various segments of the market.
Future Market Outlook for Coronation
Looking ahead, the future market outlook for Coronation’s real estate appears optimistic. The consistent growth in property prices coupled with substantial population expansion suggests that there will be ongoing demand for housing. This trend is likely to continue as long as the local economy remains stable and attractive to potential residents.
However, it’s important to monitor external economic factors such as interest rates, employment rates, and regional development projects that could influence buyer sentiment and affordability. Provided these factors remain favorable, Coronation’s real estate market should continue its upward trajectory.
In conclusion, investors and homebuyers should consider acting sooner rather than later to capitalize on current market conditions before prices potentially increase further due to continued demand.
