Perryvale, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.3% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Perryvale, Alberta currently presents stable growth. With a median house price of $495,000, we have observed a year-over-year increase of 3.3%. This suggests a steady demand for residential properties and an upward pressure on prices. The median apartment price stands at $295,000, which has seen a slightly lower year-over-year growth rate of 2%. The consistency in growth rates for both houses and apartments indicates sustained interest across different housing types.
The population of Perryvale is expanding at a healthy rate of 2.7%, reflecting potential increases in demand for housing. This demographic trend can contribute to the underlying strengths of the local real estate market, as more people typically translates to greater housing needs.
Investment Opportunities and Potential
In terms of investment opportunities, Perryvale’s real estate market offers potential due to its steady growth and demographic expansion. The consistent increase in property values implies that investments made in the current climate have a favorable chance of appreciation over time. Furthermore, the diversity between single-family homes and apartments provides investors with options to cater to different segments of the market.
Given the population growth rate, there may also be opportunities in the development of new residential units or in refurbishing existing ones to meet the rising demand. Investors could consider long-term rental strategies to capitalize on the influx of new residents or look into short-term flips given the positive trends in property values.
Future Market Outlook
The future outlook for Perryvale’s real estate market remains optimistic based on current indicators. Should the population continue to grow at or above the current rate, demand for housing is likely to follow suit. Additionally, if economic conditions remain favorable and interest rates stable, we can expect continued moderate growth in property values.
However, investors should remain mindful of external economic factors that could impact mortgage rates and overall affordability, which in turn could influence buyer behavior. Staying informed on both local and national economic trends will be key to navigating future market fluctuations.
