Lomond, 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 (2025) | 15,000 |
| Previous Population (2020) | 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 Lomond, Alberta, the real estate market is currently experiencing a period of steady growth. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This suggests a healthy demand for housing in the area, paired with a market that is appreciating at a moderate pace.
In contrast, the median apartment price is currently $300,000, which has seen a smaller yet consistent year-over-year increase of 2.1%. This indicates that apartments are also in demand, but perhaps to a slightly lesser extent than houses or the appreciation is more tempered due to higher inventory or different market dynamics.
The population of Lomond has reached approximately 15,000 residents, with an impressive growth rate of 7.1%. This rapid population expansion can be attributed to various factors such as employment opportunities, quality of life, and affordability compared to larger urban centers. The growing population is likely contributing to the demand for housing and potentially driving up prices.
Investment Opportunities and Potential
The steady growth in housing prices coupled with significant population growth presents numerous investment opportunities within Lomond’s real estate market. Investors might particularly be interested in single-family homes due to their higher appreciation rate. Given the current trends, such properties may offer good potential for capital gains over time.
However, apartments should not be overlooked as they also demonstrate a positive appreciation trend. For investors looking for rental properties, apartments could provide a more affordable entry point into the market and a stable rental income stream given the influx of new residents seeking housing.
Developers and investors should also consider the long-term implications of the robust population growth rate. There may be demand for new residential developments, including subdivisions and multi-family complexes. Additionally, commercial real estate could also benefit from the expanding local customer base.
Future Market Outlook
The future outlook for Lomond’s real estate market remains optimistic. The consistent upward trend in property values suggests that there is ongoing confidence in the region’s economic conditions and its real estate market. If population growth continues at its current pace or accelerates further, it could create additional upward pressure on property prices and rental rates.
Careful monitoring of economic factors such as employment rates, infrastructure development projects, and interest rates will be important for predicting future market trends accurately. Overall, if current conditions hold steady or improve, Lomond’s real estate market appears poised for continued growth and offers promising prospects for potential investors.
