Joffre, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.8% |
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 | $410,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
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 in Joffre, Alberta
As of the latest data, Joffre, Alberta’s real estate market is observing steady growth. The median house price in the area stands at $495,000, reflecting a year-over-year increase of 3.3%. This indicates a healthy demand for single-family homes and suggests that the market is resilient despite broader economic conditions.
In contrast, the median apartment price is currently at $295,000, with a slightly lower growth rate of 2.5% year-over-year. This more modest increase may reflect a greater supply or less competition for apartments compared to houses. However, the consistent upward trend signifies a stable investment opportunity for those interested in multi-family units or looking to enter the housing market at a more accessible price point.
The region’s population has experienced significant growth, with an increase of 7.1%, bringing the total population to approximately 15,000 residents. This demographic expansion is likely contributing to the demand for housing and supporting the observed price trends.
Investment Opportunities and Potential in Joffre, Alberta
Investment opportunities within Joffre’s real estate market appear promising due to several factors. The ongoing population growth suggests that there will be sustained demand for both rental and owned properties. Single-family homes show stronger price growth, which could translate into higher potential capital gains for investors over the long term.
For investors considering rental properties, apartments could be an attractive option given their lower entry price compared to houses. Despite their slower price growth rate, apartments might offer an easier way into the market and cater to individuals or small families who are part of the growing workforce in Joffre.
Moreover, with a robust 7.1% population increase, residential development projects could also present an opportunity for those looking to invest in new construction or redevelopment ventures in an expanding market.
Future Market Outlook for Joffre, Alberta
The future market outlook for Joffre remains optimistic based on current trends and demographic data. Assuming that economic conditions remain stable and that the region continues to attract new residents due to employment opportunities or lifestyle factors, demand for housing is expected to persist.
The steady growth in median house prices along with positive trends in apartment valuations suggest that both segments of the market will continue experiencing appreciation. The key drivers behind this growth—population expansion and limited housing supply—do not show signs of abating in the near term.
As such, investors and homeowners can remain cautiously optimistic about the continued health of Joffre’s real estate market. However, it is always wise to remain informed about local and national economic changes that may impact market dynamics moving forward.
In conclusion, data indicates favorable conditions for both current homeowners seeking appreciation in property values and potential investors looking for opportunities within a growing community like Joffre.
