Mitford, 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 Mitford, Alberta, is currently experiencing steady growth. With a median house price of $500,000 and an annual appreciation of 3.5%, the housing sector shows healthy demand. This growth is slightly above the national average, indicating a robust local economy and a strong interest in residential properties.
Similarly, the apartment market has demonstrated resilience, with a median price point of $300,000 and a year-over-year increase of 2.1%. These figures suggest that both segments of the real estate market – houses and apartments – are expanding at a sustainable pace.
Contributing to these positive trends is Mitford’s population growth of 7.1%, which is significantly higher than the national average. This influx of residents is likely driving demand for housing and can be attributed to economic opportunities in the region or an appealing lifestyle that attracts new inhabitants.
Investment Opportunities and Potential
Real estate investors considering Mitford will find several promising indicators. The consistent year-over-year growth in property values suggests that investments made today have a strong chance of appreciating over time. This trend, coupled with the robust population increase, provides investors with a relatively low-risk environment for both short-term flips and long-term rental properties.
Given the population’s upward trajectory, there is potential for an undersupply of housing if development does not keep pace with demand. This scenario could further accelerate price increases, thereby benefiting early investors. Moreover, with apartment prices growing more slowly than house prices, there may be untapped potential in this market segment for investors looking to cater to individuals who are priced out of the single-family home market or prefer apartment living.
Future Market Outlook
The future outlook for Mitford’s real estate market appears promising. If current trends persist, we can expect continued growth in property values driven by sustained regional economic health and demographic factors. Additionally, if historical growth rates maintain their course, the median house price could potentially rise an additional 3-4% annually while apartment prices may increase by around 2% per year.
However, it’s essential to consider external factors such as interest rate changes, government housing policies, and global economic conditions that could impact these projections. Investors should remain vigilant and conduct thorough due diligence before committing capital to this market.
