Provost, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.1% |
Quarterly trend | 3.2% |
Stock on market | 0.7% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $485,000 |
4 bedrooms | $575,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $330,000 |
3 bedrooms | $425,000 |
Demographics
Current Population (2025) | 15,200 |
Previous Population (2020) | 14,500 |
Population Change | 4.8% |
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 Provost, Alberta is currently experiencing a period of modest growth. The median house price stands at $485,000, which represents a 3.2% year-over-year increase. This consistent upward trend suggests a stable market with healthy demand. Likewise, the median apartment price is $295,000, following a similar positive trajectory with a 2.5% increase from the previous year.
The population of Provost has seen substantial growth, with an increase of 4.8%, indicating potential for further housing demand. This demographic expansion could be attributed to local economic development or an influx of residents seeking the lifestyle offered by this community.
2. Investment Opportunities and Potential
Investors considering Provost as a potential market can find opportunities in both residential and rental properties. Given the steady climb in property values and the significant population growth, there is potential for both capital gains and strong rental yields.
The single-family home sector, with its 3.2% growth rate, provides a clear opportunity for long-term investment strategies as well as immediate rental income possibilities. Similarly, apartments with a slightly lower growth rate of 2.5% may offer more affordable entry points into the market while still promising appreciation over time.
Diverse economic activities in the region and the presence of amenities could further enhance the attractiveness of investments here, catering to families and professionals alike.
3. Future Market Outlook
The future outlook for the Provost real estate market appears cautiously optimistic. The combination of steady price growth in both houses and apartments, along with robust population increases, lays the groundwork for continued demand for housing.
If local economic conditions remain stable or improve, we can expect ongoing interest from buyers and renters alike. Furthermore, if current trends hold, investors could see sustained growth in property values over the coming years.
However, it is important to monitor broader economic indicators and be aware of external factors such as interest rates and provincial policies that might influence buyer sentiment and affordability.
In conclusion, Provost’s real estate market presents itself as an attractive landscape for investors seeking stable markets with growth potential backed by demographic trends. Prudent investment decisions based on thorough market analysis have the potential to yield favorable outcomes in this community.