Patricia, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,900 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Patricia, Alberta is currently experiencing a period of steady growth. The median house price in the region stands at $485,000, which represents a year-over-year increase of 3.2%. This indicates a healthy demand for houses, likely driven by favorable economic conditions and a growing population. Similarly, the median apartment price has seen a rise to $295,000, with an annual growth rate of 2.5%. This consistent growth pattern suggests that the market is stable and can be attractive to both homeowners and investors.
With a population of 15,200 that has grown by 2% recently, Patricia is demonstrating demographic trends that are typically positive for real estate markets. A growing population often correlates with increased demand for housing, which can drive property values and rental rates upward.
2. Investment Opportunities and Potential
The investment potential in Patricia appears promising due to the steady increase in property values and a solid population growth rate. For investors looking at long-term capital gains, purchasing residential properties could be an attractive option given the upward trend in median house and apartment prices.
Apartments might be particularly appealing as an investment vehicle due to their lower entry price point of $295,000 compared to houses—especially for first-time investors or those looking to diversify their portfolio with more affordable assets. Additionally, the incremental growth trend in apartment prices points towards sustainable appreciation over time.
For those interested in rental properties, the increasing population suggests a growing rental market. Thus, investing in properties with the intention of renting them out could offer continuous cash flow and potential for rental yield improvement as demand for living space expands.
3. Future Market Outlook
The future outlook for Patricia’s real estate market remains positive based on current trends and data projections. Assuming the continuation of current economic conditions and demographic trends such as the steady 2% population growth rate, one can expect ongoing demand for housing which should support further property value appreciation.
However, it’s important to note that external factors such as changes in interest rates, employment levels, and regional economic developments could impact these projections. As such, keeping abreast of local and national economic indicators will be critical for investors and homebuyers looking to enter or remain in Patricia’s real estate market.
In conclusion, Patricia represents a stable market with good potential for both homeownership and investment opportunities. Prospective buyers and investors should take note of consistent growth trends when considering their real estate strategies within this region.
