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Irvine, Alberta Real Estate Market Data

Updated: Nov 2024

House

Median price $475,000
Monthly growth 1.1%
Quarterly trend 3.2%
Stock on market 0.9%

Apartment

Median price $295,000
Monthly growth 0.8%
Quarterly trend 2.5%
Stock on market 1.0%

Prices by Number of Bedrooms

Houses

Bedrooms Median Price
2 bedrooms $425,000
3 bedrooms $475,000
4 bedrooms $575,000

Apartments

Bedrooms Median Price
1 bedrooms $240,000
2 bedrooms $340,000
3 bedrooms $430,000

Demographics

Current Population (2025) 15,500
Previous Population (2020) 15,000
Population Change 3.3%
Total Private Dwellings 6,200
Occupied Private Dwellings 5,800
Population Density (per km²) 1.6
Land Area (km²) 2,500.5

Market Analysis

Current Market Conditions and Trends in Irvine, Alberta

In the quaint town of Irvine, Alberta, the real estate market is currently experiencing a stable growth pattern. As indicated by recent statistics, the median house price stands at CAD $475,000, which marks a year-over-year increase of 3.2%. This consistent uptick in house prices suggests a healthy demand for residential properties in the area. Similarly, the apartment sector shows resilience with a median price set at CAD $295,000 and a growth trend of 2.5% over the same period.

The population of Irvine has reached approximately 15,500 residents and is on an upward trajectory with a growth rate of 3.3%. This demographic expansion is likely fueling housing demand, contributing to the gradual appreciation in real estate values. The observed trends point towards a balanced market where supply keeps pace with the increasing population without leading to an overheated environment.

Investment Opportunities and Potential

With respect to investment opportunities, Irvine’s real estate market offers potential for both short-term gains and long-term equity growth. The steady increase in housing prices coupled with ongoing population growth provides a promising landscape for investors looking to capitalize on rental properties or flip projects. Given that both apartments and houses are showing positive appreciation trends, investors have diverse asset types to consider when strategizing their portfolio allocations.

The current conditions also favor developers who are interested in catering to the growing population through new residential projects. With careful market analysis and strategic development planning, investments in Irvine’s real estate could yield favorable returns as demand is expected to continue its upward momentum alongside population growth.

Future Market Outlook

Looking towards the future, Irvine’s real estate market outlook remains optimistic. Population growth serves as a strong indicator of future housing demand and suggests that the market is poised for continued growth. With an annual increase of 3.3% in residents, it’s reasonable to anticipate that this will drive further expansions in housing developments and infrastructure projects within the town.

As long as economic conditions remain stable and supportive of growth, we can expect Irvine’s real estate market to maintain its current trajectory. Investors should monitor factors such as employment rates, local economic policies, and interest rates as they can impact buyer purchasing power and overall market health. Nevertheless, if trends persist as they have historically, Irvine could prove to be a resilient and profitable market for both existing homeowners looking to sell and potential investors seeking new ventures.