Irma, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $570,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.4 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Irma, Alberta, the real estate market is currently experiencing steady growth. The median house price stands at $485,000, which marks a year-over-year increase of 3.2%. This trend indicates a healthy demand for single-family homes in the area. Similarly, apartments are showing a positive trajectory with the median price at $295,000 and a growth rate of 2% over the past year.
The local population has reached approximately 15,000 residents, with a robust growth rate of 3.4%. This demographic expansion contributes to the demand for housing and strengthens the real estate market’s vitality. The consistent price appreciation for both houses and apartments suggests that the market is balanced, with a steady influx of buyers capable of meeting sellers’ asking prices.
Investment Opportunities and Potential
The current trends in Irma’s real estate market present promising opportunities for investors. With both housing segments experiencing price appreciation, investors can benefit from capital gains in the medium to long term. The single-family home segment, in particular, offers an attractive investment proposition due to its higher growth rate.
Moreover, the ongoing population growth implies a sustained or increasing demand for rental properties. Investors aiming to generate rental income may find Irma an appealing market for acquiring rental units. As new residents move into the area seeking employment or lifestyle changes, the need for quality rental housing is likely to rise.
The diversity in property types—from single-family homes to apartments—allows investors to choose investments that align with their strategy and risk preferences. Additionally, stable year-over-year price increases suggest that Irma’s market is less volatile than others, making it suitable for those seeking more predictable investment outcomes.
Future Market Outlook
The future outlook for Irma’s real estate market remains positive based on current indicators. With an ongoing population increase of 3.4%, it is reasonable to anticipate continued demand for housing in both purchase and rental segments.
If economic conditions remain favorable and support further job creation in the region, we can expect additional upward pressure on property prices due to increased migration into Irma. It will be important for potential investors to monitor key factors such as local employment rates, infrastructure developments, and any changes in government housing policies that could influence future market dynamics.
The strong foundation of growth already present suggests that Irma’s real estate market has significant potential for sustained performance. However, as with any investment landscape, close attention to both macroeconomic indicators and local market conditions will be vital in making informed decisions moving forward.
