Gem, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Gem, Alberta is currently experiencing a period of steady growth. The median house price in the area stands at $485,000, with a modest year-over-year increase of 2.8%. This suggests a stable environment for homeowners and investors alike. Similarly, apartments are showing a continual growth pattern, with the median price at $295,000 and a 1.9% year-over-year uptrend. These trends indicate consistent demand and a healthy real estate market.
Investment Opportunities and Potential
For potential investors, Gem’s real estate market offers promising opportunities. The residential sector appears to be on a sustainable growth path, which may appeal to both long-term investors and those looking to enter the rental market. Given the region’s steady population growth rate of 2%, there is an ongoing need for housing which could drive further investment in both the construction of new homes and the renovation of existing properties. With prices currently increasing at a moderate pace, investors might see this as an opportune time to lock in value before any potential acceleration in price growth.
Future Market Outlook
Looking ahead, the future market outlook for Gem, Alberta remains optimistic. With the population consistently growing, demand for housing is likely to continue its upward trajectory. The observed stable price increases suggest that this market is not prone to volatile swings or bubbles, making it an attractive option for both homeowners planning to occupy their properties and investors looking for tangible assets with appreciation potential.
Moreover, economic indicators such as employment rates and local development projects should be monitored closely as they will also influence the future dynamics of Gem’s real estate market. If current trends persist, we can expect continued gradual growth in property values across both houses and apartments.
