Orion, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $487,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $487,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,900 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Orion, Alberta, the real estate market is currently experiencing a period of steady growth. The median house price in the region stands at $487,000, which marks a 2.8% year-over-year increase. This uptick in prices indicates a healthy demand for single-family homes, reflecting a stable local economy and a confident consumer base. Conversely, the median price for an apartment is $295,000, with a slightly lower growth trend of 1.9% year-over-year. This distinction in growth may suggest that single-family homes are in higher demand compared to apartments, or it could indicate a surplus in apartment supply.
Investment Opportunities and Potential
Given the current market trends, investment opportunities in Orion appear to be promising. The consistent rise in house prices could offer potential for capital gains for investors focusing on single-family homes. As apartments are experiencing a slower growth rate, this segment might appeal to investors seeking more affordable entry points into the property market or those looking to cater to rental demands which could rise with the growing population.
The population of Orion has reached 15,200 people and is growing at a rate of 2% annually. This steady increase suggests a burgeoning demand for housing and can spur developments across the residential sector. Investors should consider these demographic trends when evaluating long-term investment potential, as areas with rising populations often require expanded housing and amenities.
Future Market Outlook
Looking forward to the future of Orion’s real estate market, several factors indicate continued growth and stability. The population’s consistent growth lends itself to sustained demand for housing. If economic conditions remain favorable and employment rates stay high, we can expect further increases in both house and apartment prices, albeit potentially at different rates.
While single-family homes have shown stronger price growth recently, there’s potential for apartments to catch up as younger generations and smaller households may prefer them due to affordability or lifestyle choices. Additionally, any development plans or economic initiatives by local authorities that improve infrastructure or employment opportunities could significantly impact the real estate market positively.
Investors should keep an eye on regional economic policies, urban planning decisions, and national real estate regulations that could influence market dynamics in Orion. However, if current trends continue without major economic disruptions, the outlook appears optimistic for both homeowner occupants and real estate investors alike.
