Irvine, 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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
As of the latest data, Irvine, Alberta’s real estate market is showing signs of sustainable growth. The median house price in Irvine stands at $500,000, which represents a 3.5% increase on a year-over-year basis. This indicates a healthy demand for single-family homes in the area. Furthermore, the median apartment price is currently at $300,000 with a 2.1% increase over the past year. This slower growth rate in apartment prices suggests that the demand for multi-family dwellings is more moderate compared to houses.
The local population has grown by 3.4%, which may contribute to increased housing demand. This demographic expansion can generate pressure on existing housing stock, potentially leading to upward trends in both rental and purchase markets as new residents look for accommodation.
Investment Opportunities and Potential
The steady growth in property values reflects positively on investment opportunities in Irvine. The consistent appreciation of house prices suggests that investing in residential property could yield solid returns over time. Moreover, the modest but positive growth trend in apartment prices indicates there is potential for investors interested in the multi-family segment as well.
Given the population growth rate of 3.4%, there’s an inferred need for additional housing, presenting further opportunities for development and investment in new construction projects. Investors should also consider diversifying portfolios to include commercial real estate due to potential increases in demand for services from a growing population.
Future Market Outlook
The future market outlook for Irvine appears promising considering current trends and demographic data. If the population continues to grow at a similar pace, demand for housing will likely persist, underpinning property values and possibly encouraging further price appreciations.
An ongoing assessment of economic factors such as employment rates, infrastructure development, and interest rates will be crucial in forecasting long-term market behavior. However, given the current data trends and assuming stable economic conditions prevail, Irvine’s real estate market should remain an attractive destination for both homeowners and investors alike.
