Ellscott, 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 Ellscott, Alberta, currently presents a stable environment with modest year-over-year growth. The median house price stands at $500,000, with a positive trend of 3.5% over the past year. This indicates a healthy demand for detached homes in the area, possibly fueled by the local amenities and lifestyle preferences.
Apartments in Ellscott are also experiencing growth, albeit at a slightly slower pace. The median apartment price is $300,000, with an annual appreciation of 2.1%. This suggests that while the apartment market is growing, it does so at a more conservative rate than houses.
The population of Ellscott has reached 15,000, with a robust growth rate of 7.1%. This rapid population increase is likely contributing to the rising demand for housing in the region.
Investment Opportunities and Potential
The ongoing population growth paired with consistent appreciation in property values indicates that Ellscott offers promising investment opportunities. Investors can capitalize on the upward trend in house prices, which may continue due to the increasing population and associated demand.
The apartment market, while growing more slowly, presents an opportunity for investors looking for lower entry points into the real estate market. As apartments are more affordable than houses on average, they could attract first-time homebuyers or those seeking investment properties that require less capital upfront.
Given the current trends, investing in properties intended for rental could be lucrative due to potential yield from both rental income and capital appreciation over time. This is particularly relevant as new residents may look for rental options before committing to homeownership.
Future Market Outlook
The future of Ellscott’s real estate market appears optimistic based on current trends and demographic factors. Assuming that the population continues to grow at its current pace, housing demand can be expected to remain strong. This bodes well for both property values and rental market stability.
If economic conditions remain favorable and interest rates are managed effectively to maintain affordability, Ellscott’s real estate market should continue its steady growth trajectory. However, potential investors should consider external economic factors such as employment rates and regional economic policies that could impact future market conditions.
To conclude, while there are always risks associated with real estate investment, Ellscott’s current data suggest a healthy market with potential for sustainable growth in both the short and long term.
