Irricana, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Irricana, Alberta, is currently experiencing steady growth. The median house price stands at CA$500,000, which marks a year-over-year increase of 3.5%. This trend suggests a healthy demand for single-family homes and an overall robust housing market. Similarly, the median apartment price has reached CA$300,000, growing at a slightly slower pace of 2.1% year-over-year. These figures indicate that while the market for apartments is also growing, it’s doing so at a more modest rate than the market for houses.
With a population of 15,000 that has grown by 7.1%, Irricana is witnessing substantial demographic expansion. This influx of new residents may be contributing to the increased demand for housing and can explain the consistent growth in property values.
Investment Opportunities and Potential
Irricana’s significant population growth paired with consistent increases in property values presents lucrative opportunities for investors. The steady climb in house prices indicates a stable investment climate for those looking to purchase residential properties for long-term capital gains. Additionally, the growth in apartment prices suggests potential in the rental market as well, especially considering the influx of new residents seeking housing.
Given these dynamics, investors might also consider exploring development projects to cater to the increasing demand. With careful analysis of specific neighborhood trends and demands, investments in new construction or renovation projects could yield promising returns.
Future Market Outlook
The future outlook for Irricana’s real estate market appears optimistic. The combination of solid population growth and consistent property value increases signals continued demand for housing. If these trends maintain their current trajectory, it is reasonable to expect ongoing appreciation in property values over the medium to long term.
However, prospective investors and homeowners should monitor key economic indicators such as employment rates, income levels, and interest rates as they can significantly impact market conditions. Local developments such as infrastructure improvements and commercial investments could also influence the real estate landscape in Irricana.
In summary, while current trends point towards a positive outlook, stakeholders should remain vigilant and informed to navigate any potential shifts in the market.
