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 (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 Irricana, Alberta is currently experiencing steady growth as indicated by the year-over-year increases in property values. The median house price in the area is $500,000, which reflects a growth of 3.5% compared to the previous year. Apartments are also showing a positive trend with a median price of $300,000, marking a 2.1% increase year-over-year.
This growth is supported by a significant population increase of 7.1%, which brings the total population to approximately 15,000. The influx of residents suggests a robust demand for housing and could be indicative of a sustainable upward trend in property values over time.
Investment Opportunities and Potential
Irricana’s real estate market presents promising opportunities for investors. Given the steady appreciation in property values, purchasing residential properties could yield favorable returns through both capital gains and potential rental income. The current trends suggest that both houses and apartments are appreciating assets in this market.
The strong population growth implies that there will be an ongoing demand for housing, thus reducing vacancy risks for rental properties. Investors should take note of the market’s preference for single-family homes versus apartments and consider diversifying their portfolios accordingly to maximize potential gains.
Future Market Outlook
The outlook for Irricana’s real estate market remains optimistic based on current trends and population growth figures. If these trends continue, we can anticipate further appreciation in property values across different segments of the market.
However, it is essential to monitor external economic factors such as employment rates, interest rates, and regional economic development initiatives that could impact buyer purchasing power and investment returns. Investors should remain informed about local and national economic indicators that could influence the trajectory of the real estate market in Irricana, Alberta.
