Looma, 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
The real estate market in Looma, Alberta, is characterized by steady growth. With a median house price of $500,000 and an annual increase of 3.5%, the housing market shows consistent appreciation. This growth rate suggests a healthy demand for homes that is likely influenced by Looma’s increasing population, which currently stands at 15,000 with a significant growth rate of 7.1%. The median apartment price is currently $300,000, with a slower yet stable year-over-year increase of 2.1%. This difference in appreciation rates between houses and apartments may indicate a stronger preference or demand for single-family homes in the area.
Investment Opportunities and Potential
Investors considering Looma’s real estate market can find opportunities in both the housing and apartment sectors. Single-family homes offer a higher capital gain potential due to the higher appreciation rate of 3.5% compared to apartments. However, apartments might be an attractive option for those looking to enter the market at a lower price point or seeking properties that require less maintenance.
The robust population growth suggests that there will be continued demand for housing, boding well for rental properties as well. Rental investments could capitalize on the influx of new residents who may not be ready or able to purchase property immediately upon arriving in Looma.
Future Market Outlook
The future real estate market outlook for Looma appears promising. The combination of steady price increases and significant population growth creates an environment conducive to long-term investment stability and potential profitability. If current trends persist, investors can reasonably expect continued appreciation in property values along with a growing pool of potential renters. However, it remains important for investors to monitor economic conditions and local development plans, as these factors can influence future market dynamics.
