Onoway, 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
1. Current Market Conditions and Trends
The real estate market in Onoway, Alberta, is currently experiencing a period of steady growth. With a median house price of $500,000, the market has seen a 3.5% increase year-over-year. This indicates a healthy demand for single-family homes in the area. Similarly, the apartment sector has experienced growth with a median price of $300,000 and an annual appreciation rate of 2.1%. These trends reflect a balanced market that is attracting both homeowners and investors.
The population of Onoway stands at approximately 15,000 residents, with a robust growth rate of 7.1%. This rapid increase in population suggests that there is an ongoing demand for housing, driven by factors such as local economic opportunities and quality of life.
2. Investment Opportunities and Potential
Investment opportunities in Onoway are promising due to the progressive increase in property values and the town’s growing population. Residential properties, particularly single-family homes, are showing strong capital gains with a 3.5% year-over-year increase in median prices. The apartment sector also offers potential for investors looking for lower entry points into the market or those seeking rental income properties with its 2.1% growth rate.
In light of the steady population growth, there is potential for both long-term capital appreciation and rental yield optimization as demand for housing is likely to remain high. Investors could also explore new construction projects or renovation flips to cater to the influx of new residents searching for modern amenities and updated living spaces.
3. Future Market Outlook
The future market outlook for Onoway appears positive, with continuing trends suggesting further growth. As the population expands, fueled by local economic development initiatives and lifestyle attractiveness, housing demand is expected to rise correspondingly. If current trends hold, property values are likely to continue their upward trajectory.
Absent significant external economic shocks or changes in interest rates that could affect mortgage affordability, Onoway’s real estate market may remain appealing to both end-users and investors over the coming years. Stakeholders should monitor key economic indicators such as employment rates, infrastructure developments, and migration patterns to gauge future performance accurately.
In conclusion, Onoway presents an attractive real estate market characterized by stable growth in property values and a booming population—a trend that seems set to continue into the foreseeable future.
