Erskine, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.9% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.3% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| 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 Erskine, Alberta is currently exhibiting stable growth. With a median house price of $485,000, there has been a moderate appreciation of 2.9% over the past year. Similarly, the median apartment price is $295,000, which reflects a year-over-year increase of 2.3%. These trends suggest a healthy demand for housing, coupled with a steady pace of price increments that could be indicative of a balanced market.
The population in Erskine has grown by 3.3%, suggesting an increasing demand for housing due to demographic factors. This growth can have a compounding effect on the local real estate market by driving up demand for both rental and owned properties. Additionally, with population growth typically comes increased investment in infrastructure and amenities, which can further bolster property values over time.
Investment Opportunities and Potential
The current trends in the Erskine real estate market present various investment opportunities. The steady growth in property values indicates that purchasing residential real estate could yield solid returns over time. Investors should consider both single-family homes and apartments as viable options given their respective appreciation trends.
With the population rising at a rate of 3.3%, rental properties may also be an attractive investment. There is potential for both long-term capital gains and short-term rental income, especially if this demographic growth continues or accelerates. Furthermore, investing in areas slated for new developments or revitalization could capitalize on future increases in desirability and property values.
Future Market Outlook
The future outlook of the Erskine real estate market remains optimistic based on current trends and demographic data. Continued population growth will likely sustain demand for housing, contributing to stable or potentially increasing property prices. However, investors should monitor local economic factors and development plans as these could impact future market conditions.
Prospective buyers looking for long-term investment should consider entering the market sooner rather than later to capitalize on current growth trends. Meanwhile, developers and investors may find opportunities in addressing potential housing shortages or catering to the needs of a growing population through new construction projects or renovations of existing properties.
In conclusion, Erskine presents itself as a promising locale for those interested in investing in the Canadian real estate market, with favorable conditions that are conducive to both immediate investment opportunities and long-term growth potential.
