Irma, 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 (2025) | 15,000 |
| Previous Population (2020) | 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 Irma, Alberta is currently experiencing steady growth. The median house price in the area is $500,000, reflecting a year-over-year increase of 3.5%. This consistent uptick in house prices indicates a healthy demand for single-family homes. Similarly, apartments are also showing positive growth with a median price of $300,000 and an annual appreciation rate of 2.1%. These figures suggest that both segments of the residential market are progressing well.
The population of Irma has reached approximately 15,000 residents, with a notable growth rate of 7.1%. This significant influx of new residents is likely contributing to the demand for housing and may be a driving factor behind the steady price increases.
Investment Opportunities and Potential
Given the current market conditions, there are multiple investment opportunities in Irma. For individual investors or real estate companies looking to acquire assets with the potential for appreciation, single-family homes present a particularly lucrative option due to their higher growth rate.
Apartments offer a more accessible entry point into the market with their lower median price point and still-positive growth trend. Investors interested in catering to new residents or seeking rental income may find apartments to be an attractive option.
The robust population growth also signifies potential for development projects. Builders and developers could capitalize on the increasing need for residential properties by initiating new construction projects that cater to various segments of the market.
Future Market Outlook
The future real estate market outlook for Irma remains optimistic. The consistent rise in property values alongside the strong population growth suggests that demand for housing will continue to be robust. If these trends persist, investors can reasonably expect continued appreciation in property values over time, making Irma an attractive location for both short-term and long-term investment strategies.
However, it is essential for investors to keep an eye on economic factors such as employment rates, interest rates, and regional economic development initiatives that could impact the market dynamics. Staying informed will enable investors to adjust their strategies accordingly and maximize their returns in Irma’s evolving real estate landscape.
