Goodfare, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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 Goodfare, Alberta is currently experiencing moderate growth. The median house price stands at $510,000, with a year-over-year increase of 4%. This indicates a steady demand for housing in the area, likely driven by the town’s amenities and quality of life. Additionally, the median apartment price is $315,000, which has seen a slightly lower yet consistent growth rate of 2.5% over the past year. This divergence in growth rates between houses and apartments may suggest that single-family homes are in higher demand relative to apartments or that they offer more attractive features to buyers in this market.
Investment Opportunities and Potential
For investors considering the Goodfare real estate market, there is potential for steady capital appreciation given the current trends. The ongoing population growth of 2% per annum could continuously fuel housing demand. Given that single-family homes are showing stronger price growth than apartments, investment opportunities may be particularly interesting in this segment. However, apartments should not be overlooked as they offer a more accessible entry point into the property market and may appeal to a different demographic such as young professionals or small families.
Future Market Outlook
The future outlook for Goodfare’s real estate market appears optimistic. With a stable population growth rate and positive pricing trends, both the housing and apartment markets are expected to maintain their momentum. While macroeconomic factors can affect any local market, current data suggests that Goodfare will continue to offer attractive opportunities for homeownership and investment alike. Prospective investors and homebuyers should keep an eye on economic indicators such as employment rates and infrastructure developments, as these could further influence the town’s real estate trajectory.
