Legal, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
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
1. Current Market Conditions and Trends
In Legal, Alberta, the real estate market is demonstrating steady growth. The median house price currently stands at $485,000, reflecting a 3.2% increase year-over-year. This signifies a healthy upward trend in the housing market, suggesting a stable investment climate for potential homeowners and investors alike.
Similarly, the apartment sector is witnessing modest growth with the median apartment price reaching $295,000 and following a 1.9% uptick year-over-year. This slower rate of growth compared to houses suggests that apartments are a more accessible entry point into the property market for first-time buyers or those seeking lower investment thresholds.
The population of Legal has seen significant growth at a rate of 4.8%, which outpaces many other regions. This demographic expansion indicates sustained demand for housing and could be an impetus for further development in residential real estate.
2. Investment Opportunities and Potential
Given the positive trends in property values and population growth, Legal offers several attractive investment opportunities. The consistent appreciation in house prices points towards a robust investment potential for single-family homes. Rental properties may also benefit from the growing population as new residents seek accommodation, potentially leading to higher rental yields for investors.
Apartments present an opportunity for those looking to enter the market at a lower price point while still capitalizing on the overall positive trend in property values. Furthermore, as the town continues to grow, there may be opportunities for development projects catering to different segments of the market, including affordable housing and luxury apartments.
3. Future Market Outlook
The future real estate market outlook for Legal remains optimistic based on current trends and demographic projections. As long as population growth continues at its current pace or accelerates, demand for housing is expected to remain strong. The diversification of housing options will likely become important as different age groups and income levels seek accommodation that fits their needs.
The steady increase in property values suggests that Legal’s real estate market is moving towards becoming more mature and stable, which bodes well for long-term investments. However, investors should keep an eye on economic factors and regional developments that may impact these trends over time.
In summary, although no market is without risk, Legal’s current trajectory indicates potential for continued growth and profitable investment opportunities across various sectors of its real estate market.
