Islay, 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 Islay, Alberta is experiencing steady growth. The median house price in the region is currently $500,000, reflecting a year-over-year increase of 3.5%. This growth signifies a robust market for single-family homes. Similarly, the apartment sector is also showing positive momentum with a median price of $300,000 and a year-over-year uptick of 2.1%.
Islay’s population has witnessed a significant rise of 7.1%, suggesting an inflow of residents and potential homebuyers. This demographic trend is likely contributing to the demand for housing in the area, impacting both pricing and availability.
Investment Opportunities and Potential
The consistent increase in property values suggests that Islay offers promising opportunities for real estate investors. The steady growth rate in house prices points to a healthy demand which may lead to long-term capital appreciation for investors entering the market now.
Given the population growth, there is potential for both rental and sale markets. Investors might consider leveraging the increasing need for housing by investing in residential properties that could yield attractive rental income or targeting new developments catering to incoming residents.
The growth in apartment prices, although more modest compared to houses, still indicates a viable entry point for investors looking at more affordable investment options or those interested in serving the segment of the population seeking smaller living spaces.
Future Market Outlook
Looking ahead, the Islay real estate market appears poised for continued growth. The strong population increase is likely to sustain demand for housing. If current economic conditions persist and with ongoing local development projects, both the house and apartment markets should maintain their upward trajectory.
In light of these factors, it would be reasonable to expect that property values could continue to appreciate at similar or potentially higher rates depending on how supply adjusts to meet growing demand. Investors should monitor infrastructure developments and employment opportunities within Islay as these will play critical roles in shaping the future real estate landscape.
Caution should be exercised as external economic factors such as interest rates, job market stability, and global economic trends can also impact local real estate conditions. However, current indicators suggest that Islay represents a market with solid fundamentals for both short-term gains and long-term investment strategies.
