Goodfare, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $495,000 |
Monthly growth | 1.1% |
Quarterly trend | 3.0% |
Stock on market | 0.9% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $495,000 |
4 bedrooms | $620,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $340,000 |
3 bedrooms | $440,000 |
Demographics
Current Population (2025) | 15,200 |
Previous Population (2020) | 14,500 |
Population Change | 4.8% |
Total Private Dwellings | 6,200 |
Occupied Private Dwellings | 5,700 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Goodfare, Alberta, currently presents a stable environment with modest growth. The median house price in the area is $495,000, reflecting a year-over-year increase of 3%. This trend suggests healthy demand for single-family homes and a market that is growing at a sustainable rate.
Apartments in Goodfare are also experiencing a positive trend with the median price standing at $295,000, which marks a 2.5% rise from the previous year. This increase can be indicative of an expanding market for more affordable and smaller-scale housing options within the community.
The population of Goodfare has reached 15,200 residents, showing a significant growth rate of 4.8%. This rapid population expansion is likely contributing to increased housing demand, which may support continued appreciation in property values over time.
Investment Opportunities and Potential
Given the steady growth in property values and the robust population increase, Goodfare represents an attractive region for real estate investment. The consistent appreciation in house prices indicates that investors could benefit from capital gains over time. Furthermore, the climbing population suggests that rental properties may have lower vacancy rates and possibly higher rental incomes as demand for housing options persists.
The current trends favor long-term investment strategies, particularly in residential properties such as single-family homes and apartments, where there is clear evidence of ongoing demand. Additionally, the relative affordability of apartments compared to houses could appeal to first-time investors seeking entry into the real estate market without committing to higher investment thresholds.
Future Market Outlook
Looking ahead, the real estate market in Goodfare appears poised for continued growth. The strong population growth rate serves as a key driver for sustained demand in housing. If this trend persists alongside economic stability within the region, it is reasonable to anticipate that both the house and apartment markets will maintain their upward trajectories.
Investors should monitor local economic indicators such as employment rates and infrastructure development projects since these factors can significantly influence future property values and rental market dynamics. While current indicators point towards a positive outlook, it remains important to consider potential risks such as economic downturns or policy changes that could impact the real estate sector.
In conclusion, Goodfare’s real estate market holds promise for both homebuyers and investors. With careful consideration of economic conditions and ongoing monitoring of market trends, stakeholders can make informed decisions to capitalize on the potential that this growing community offers.