Magrath, 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 Magrath, Alberta, is currently characterized by moderate growth. The median house price in the area is $500,000, reflecting a year-over-year increase of 3.5%. This steady rise in housing prices indicates a healthy demand for residential properties and suggests that the market is stable and growing at a sustainable pace.
In the apartment sector, the median price stands at $300,000, with a slower year-over-year growth rate of 2.1%. The modest increase in apartment prices could signal a more accessible entry point for first-time homebuyers and investors alike, particularly those looking for lower-maintenance living options or rental income properties.
The population of Magrath has reached 15,000 residents with a robust growth rate of 7.1%. This demographic expansion supports the demand for housing and may continue to drive property values upwards as supply works to catch up with increasing demand.
Investment Opportunities and Potential
The current trends suggest that Magrath’s real estate market presents numerous investment opportunities. Given the town’s population growth and stable property price increases, investors might find long-term capital gains in purchasing residential properties. Single-family homes, given their higher year-over-year price increase, are particularly attractive for investors looking for assets that potentially yield substantial appreciation over time.
Apartments present an opportunity for those interested in generating rental income or catering to individuals and small families who prefer more affordable housing options. With a lower median price point and increasing population, there is potential for sustained demand in this segment.
Moreover, developers and investors might explore new construction projects to meet the growing housing demand driven by the town’s expanding population base. Careful market analysis and strategic development could capitalize on current demographic trends for long-term profitability.
Future Market Outlook
The future outlook for Magrath’s real estate market appears optimistic. If current trends persist, such as the steady increase in house prices coupled with significant population growth, the market should maintain its upward trajectory. As long as economic conditions remain favorable and infrastructure continues to develop to support the burgeoning population, we can expect ongoing stability and growth within Magrath’s housing sector.
However, it is important to monitor external economic factors that could impact interest rates, employment levels, and overall affordability which might influence buyer activity. Keeping an eye on these variables will be crucial for accurately predicting future market dynamics.
In conclusion, Magrath’s real estate market shows promise with its consistent growth patterns and strong demographic fundamentals supporting demand. Investors considering entering this market should feel confident about its potential but remain vigilant about broader economic conditions that affect real estate across Canada.
