Craigmyle, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.1% |
Quarterly trend | 4.0% |
Stock on market | 0.6% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $485,000 |
4 bedrooms | $580,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $340,000 |
3 bedrooms | $430,000 |
Demographics
Current Population (2025) | 15,000 |
Previous Population (2020) | 14,500 |
Population Change | 3.4% |
Total Private Dwellings | 6,000 |
Occupied Private Dwellings | 5,600 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Craigmyle, Alberta, is currently experiencing steady growth. With a median house price of $485,000, the market has seen a year-over-year increase of 4%. This suggests a healthy demand for housing and a robust seller’s market. Similarly, the median apartment price stands at $295,000, with a slightly more modest growth trend of 2.5% over the past year. This difference in appreciation rates between houses and apartments may indicate a stronger preference or demand for single-family homes in this region.
The population of Craigmyle has grown by 3.4%, which is an encouraging sign for local real estate as it suggests an influx of new residents seeking housing. This demographic shift could be due to various factors such as economic opportunities, lifestyle changes, or regional developments attracting individuals and families to the area.
Investment Opportunities and Potential
In light of the current market conditions and demographic trends, Craigmyle presents several investment opportunities. The consistent rise in property values indicates that investing in real estate here could yield positive returns over time. The demand for housing is likely supported by population growth, which can drive rental markets as well as resale values.
Investors might consider focusing on single-family homes given their higher appreciation rate compared to apartments. However, apartments should not be overlooked as they offer a more accessible entry point into the market and may appeal to smaller households or those seeking lower maintenance living arrangements.
With increased population growth comes the potential need for various types of real estate development. Investors may find opportunities in residential development projects or in commercial real estate to service the growing community.
Future Market Outlook
The future outlook for Craigmyle’s real estate market remains optimistic given current trends and statistics. If the population continues to grow at the current rate or higher, housing demand is expected to sustain or possibly increase. This could continue to bolster property values and provide a fertile ground for real estate investment.
However, investors should also consider broader economic factors such as employment rates, interest rates, and regional economic policies that can impact any real estate market’s performance. Monitoring these indicators will be crucial in anticipating any shifts in market dynamics.
In conclusion, Craigmyle’s real estate market appears to be on a positive trajectory with solid growth in property values and an expanding population base providing a strong foundation for both current investors and those considering entering the market.