Mirror, 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 | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
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) | 14,700 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Mirror, Alberta has shown a steady increase in property values over the past year. The median house price currently stands at $485,000, marking a 3.2% year-over-year growth. This increment indicates sustained demand and a robust housing market. Similarly, the median apartment price has also seen an upward trend with a current valuation of $295,000, which translates to a 2.5% increase from the previous year.
Mirror’s population of 15,200 is expanding at a rate of 3.4%, suggesting that the town is experiencing healthy demographic growth likely fueling the demand for housing. As more people move to or within Mirror, the need for residential properties, both houses and apartments, may continue to rise.
Investment Opportunities and Potential
The consistent climb in property values coupled with ongoing population growth presents a promising environment for real estate investment in Mirror. The steady appreciation in house and apartment prices indicates that investments made now could potentially yield substantial returns as the market continues to grow.
In light of the demographic expansion, there may be opportunities to invest in new residential development projects or in renovating existing properties to cater to the increasing population’s housing needs. Investors should also consider the rental market’s prospects since an influx of residents might boost demand for rental accommodations.
Future Market Outlook
Gazing into the future, Mirror’s real estate market shows signs of continued growth. Population trends suggest a persistent demand for housing which will likely uphold property value appreciation. Assuming economic conditions remain stable and no major policy changes occur, investors can reasonably expect ongoing positive market trends.
However, it is crucial for investors and stakeholders to keep abreast of local economic developments, changes in municipal regulations or zoning laws, and other factors that could impact the real estate landscape. A proactive approach towards understanding these variables will be key in making well-informed decisions regarding real estate investments in Mirror.
