Falher, 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 Falher, Alberta is currently experiencing steady growth, as evidenced by the latest market data. The median house price in the region stands at $500,000, which marks an increase of 3.5% year-over-year. This suggests that houses in Falher are appreciating at a moderate pace, indicative of a healthy market attracting consistent interest from buyers.
In contrast, the median apartment price is lower at $300,000, with a more modest year-over-year price increase of 2.1%. Apartments are thus becoming slightly more expensive but at a slower rate than houses. This difference in growth rates may reflect a stronger demand for standalone homes in the area or possibly a greater supply of apartments relative to demand.
Falher’s population has seen significant growth with an impressive 7.1% increase. This demographic change can have substantial implications on housing demand and real estate dynamics in the region.
Investment Opportunities and Potential
The ongoing population growth in Falher points to a positive trajectory for real estate investment potential. A growing population often leads to increased demand for housing, both for purchase and rent, which can drive property values and rental rates upward. With house prices currently growing at 3.5% year-over-year, investors may find attractive opportunities in single-family homes as these properties are appreciating at a steady rate.
Furthermore, the slower appreciation of apartment prices could present an opportunity for investors looking to enter the market at a more accessible point while still capitalizing on the overall upward trend in property values. Rental properties could be particularly appealing given the population influx; there will likely be an enduring need for rental accommodations, which can provide consistent rental income streams for investors.
Future Market Outlook
Considering the current trends and demographic shifts, the future outlook for Falher’s real estate market appears cautiously optimistic. The sustained population growth will likely continue to underpin demand for housing. If economic conditions remain stable and interest rates attractive, this could translate into ongoing increases in property values over the medium term.
The differentiation between house and apartment price trends may eventually converge if demand begins to outpace supply across all housing types. Investors and stakeholders should monitor local developments closely, such as infrastructure projects and economic initiatives that could further boost regional appeal and attract new residents.
Moreover, it’s essential to consider broader economic factors such as employment rates, industry performance (particularly agriculture and energy sectors critical to Alberta’s economy), and provincial policies affecting real estate markets when forecasting future trends for Falher.
