Crestomere, 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
The real estate market in Crestomere, Alberta is currently experiencing a steady growth phase. The median house price in the area stands at CAD $500,000, with a year-over-year increase of 3.5%. This growth rate indicates a healthy market trend that reflects both sustainability and demand. Furthermore, the median apartment price has been recorded at CAD $300,000, with a slower growth rate of 2.1% year-over-year. The current trends suggest that houses are gaining value at a faster pace than apartments.
With a population of 15,000 and an impressive population growth rate of 7.1%, Crestomere is seeing an influx of new residents which could be contributing to the steady demand for housing. This demographic trend is a positive sign for real estate investors and homeowners alike, as it often correlates with increased property values over time.
Investment Opportunities and Potential
The growing population and consistent rise in property values present attractive investment opportunities in Crestomere. Single-family homes show strong potential for long-term capital appreciation given the higher annual increase in median prices compared to apartments.
Investors might also consider the apartment market due to its more accessible entry price point and solid growth rate. While the appreciation is slower compared to houses, rental demand might be high due to newcomers seeking initial accommodation upon their arrival in Crestomere.
The local economy’s health and demographic trends should also be monitored as they will impact investment performance. Investors should conduct thorough due diligence on specific neighborhoods within Crestomere to determine areas with the best growth prospects.
Future Market Outlook
The future outlook for Crestomere’s real estate market remains optimistic based on current data. The strong population growth underpins this positivity, suggesting continued demand for housing which is likely to sustain current trends or possibly increase them if the growth accelerates further.
Assuming no significant economic disruptions occur locally or nationally, the real estate market in Crestomere is expected to maintain its upward trajectory. However, investors should keep an eye on broader economic conditions including interest rates and employment levels as these factors can influence buyer affordability and impact overall market conditions.
In conclusion, Crestomere represents a stable market with potential for both short-term gains through rental income and long-term capital appreciation. The key to successful investment will be choosing the right properties and monitoring economic indicators closely.
