Falun, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Falun, Alberta is experiencing a period of steady growth. The median house price in the region currently stands at $525,000, which represents a year-over-year increase of 4.2%. This indicates a healthy demand for homes and a robust market that has continued to appreciate in value over the past year.
In contrast, the apartment sector presents a more modest growth pattern. With a median price of $310,000 and an annual appreciation rate of 2.5%, apartments are witnessing slower growth compared to houses. This could be indicative of different dynamics in housing preferences or possibly affordability challenges for certain segments of the population.
The population of Falun stands at 15,500 with a growth rate of 3.3%. This steady increase in residents is likely contributing to the demand for housing and helping to sustain the current upward trajectory in property values.
Investment Opportunities and Potential
Given the consistent appreciation in house prices, Falun presents attractive opportunities for real estate investment. The strength observed in the housing market suggests that investments in residential properties may yield considerable returns over time. Moreover, with population numbers on the rise, the demand for rental properties is poised to grow, potentially offering lucrative opportunities for investors interested in becoming landlords.
The slower growth rate seen in apartment prices may also present an opportunity for investors looking for entry points into the market that require lower initial capital. Although the appreciation is more modest, investment in apartments could still be beneficial due to their affordability and appeal to individuals or small families who prefer or require compact living spaces.
Future Market Outlook
The future outlook for Falun’s real estate market appears optimistic. Assuming that current trends persist and the population continues to grow at its current pace, it is reasonable to expect ongoing demand for housing to drive further increases in property values. Should economic conditions remain favorable and interest rates stable, this will likely support sustained growth within the local real estate market.
However, potential investors should stay informed about any changes in local economic drivers, policy shifts affecting homeownership or rental markets, and broader provincial or national factors that can influence mortgage rates and accessibility to financing. Vigilance regarding these variables will be key to making informed investment decisions aligned with future market movements.
