Fairview, 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 Fairview, Alberta, is currently experiencing steady growth, as indicated by the year-over-year increase in property values. With a median house price of $500,000, which has seen a 3.5% increase from the previous year, the market is showing healthy signs of expansion. Similarly, apartments are trending upwards with a median price of $300,000, reflecting a 2.1% rise year-over-year. This consistent growth is likely fueled by the town’s growing population, now at 15,000 residents, which has surged by an impressive 7.1%. The influx of new residents suggests a rising demand for housing which may continue to push property values upward.
Investment Opportunities and Potential
The current trends suggest that Fairview’s real estate market holds promising potential for investors. The continuous increase in property values across both houses and apartments points towards a robust investment opportunity, particularly for those looking to enter the market before prices escalate further. Given the strong population growth, there is potential for rental properties to yield attractive returns as demand for housing may outpace supply. Moreover, the steady price increase suggests that both short-term gains through flipping properties and long-term gains through appreciation are viable investment strategies in Fairview.
Future Market Outlook
The future outlook for Fairview’s real estate market remains optimistic based on current data. As the population continues to grow at a substantial rate of 7.1%, it is reasonable to project that demand for housing will remain strong. This factor alone provides a solid foundation for sustained property value appreciation. Assuming that economic conditions remain favorable and the area continues to attract new residents due to its amenities or employment opportunities, the real estate market in Fairview is poised to remain buoyant with continued growth potential in the foreseeable future.
