Millarville, 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 Millarville, Alberta, is currently experiencing stable growth. The median house price stands at $500,000, which reflects a year-over-year increase of 3.5%. This moderate appreciation rate indicates a healthy market that is growing steadily without the volatility observed in some other regions.
In comparison, the median apartment price is $300,000, with a slightly lower growth rate of 2.1% year-over-year. Apartments are becoming increasingly popular as they offer an affordable entry point into the housing market for first-time buyers and investors alike.
With a population of 15,000 and a robust population growth of 7.1%, demand for housing in Millarville is likely to continue rising. This demographic trend suggests that the market is bolstered by an inflow of new residents, possibly due to employment opportunities or the attractive lifestyle that the town offers.
Investment Opportunities and Potential
The consistent growth in property values coupled with a growing population presents various investment opportunities in Millarville. Single-family homes represent a stable investment option given their solid year-over-year price increase. Investors might also consider leveraging the lower entry cost and higher percentage increase of apartments to capitalize on both rental income and potential capital gains.
The investment potential in Millarville’s real estate market is further underlined by its population growth. A growing populace often leads to increased demand for housing, which can drive rental yields and reduce vacancy rates for income-focused investors.
Future Market Outlook
The future market outlook for Millarville remains optimistic based on current trends and demographic data. If the population continues to grow at the current rate of 7.1%, this will likely lead to sustained demand for housing across all types—bolstering both prices and investment returns over time.
While current trends show healthy growth rates for both houses and apartments, investors should keep an eye on economic indicators such as employment rates, interest rates, and regional economic development plans—all of which can influence the real estate market’s trajectory.
In summary, Millarville presents itself as a promising market for both homeowners and investors. With its steady price increases, significant population growth, and diverse housing options, it remains an attractive locale for those seeking stability and long-term appreciation potential in their real estate endeavors.
