Islay, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.4% |
| Quarterly trend | 4.2% |
| Stock on market | 1.0% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Islay, Alberta is currently experiencing a period of steady growth. The median house price stands at $485,000, which marks a 4.2% increase from the previous year. This trend points to a healthy demand for single-family homes in the area. Similarly, the median apartment price has risen to $295,000, climbing at a slightly slower rate of 2.5% year-over-year. This growth reflects a consistent but more moderate interest in multi-family housing units.
The population of Islay has grown to 15,200 residents, with a substantial increase of 4.8%. This population growth is an important driver for housing demand and contributes to the upward pressure on property values. The influx of new residents may be attributed to various factors such as employment opportunities, lifestyle preferences, and Islay’s overall appeal as a place to live.
Investment Opportunities and Potential
Given the upward trends in both housing prices and population growth, Islay presents several investment opportunities. Single-family homes are showing stronger price appreciation and may offer higher capital gains for investors in the medium to long term. With the median house price well below the half-million mark, these properties remain accessible to many potential buyers.
Apartments also present an attractive investment opportunity with their steady price growth of 2.5% year-over-year. As population increases, demand for rental properties is likely to rise accordingly, potentially leading to higher rental yields for investors.
Islay’s growing population also suggests the possibility for development projects aimed at meeting the increasing housing demand. Investors could benefit from engaging in residential construction projects or land development initiatives.
Future Market Outlook
Looking ahead, Islay’s real estate market shows signs of continued strength. The persistent rise in population along with robust economic fundamentals should sustain demand for housing. Assuming no significant changes in economic conditions or unexpected external shocks, both house and apartment prices are expected to maintain their upward trajectory.
The ongoing development within Islay and its surrounding areas will likely attract more residents looking for a balance between rural charm and modern conveniences. This could further cement Islay as an appealing destination for families and professionals alike.
In conclusion, investors considering Islay’s real estate market can anticipate favorable conditions moving forward. However, it is crucial to monitor local economic developments and demographic shifts closely as these factors will play a pivotal role in shaping future market dynamics.
