Ranfurly, 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 (2024) | 15,000 |
| Previous Population (2019) | 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
Current Market Conditions and Trends
The real estate market in Ranfurly, Alberta is currently experiencing stable growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market is showing signs of healthy demand. Similarly, the median apartment price has reached $300,000 and is witnessing a slower yet consistent upward trend with a 2.1% increase from the previous year.
This balanced growth indicates that the Ranfurly real estate market is keeping up with the overall economic conditions of the region. Additionally, a significant population growth rate of 7.1% suggests an increasing demand for housing which could be attributed to both local economic development and inbound migration.
Investment Opportunities and Potential
Ranfurly’s property market presents several investment opportunities due to its stable growth and reasonable pricing. The solid increase in median house prices points towards a robust single-family home sector, which could appeal to investors looking for long-term capital gains or rental income.
The apartment sector also offers potential for investors focusing on more affordable units or those interested in targeting the rental market for young professionals and small families. Given the population growth rate, demand for rental properties is likely to rise, potentially resulting in an upward pressure on rental yields over time.
Investors should also consider the broader economic trends within Alberta and the specific drivers of Ranfurly’s local economy when evaluating investment opportunities as these factors will influence future property values and rental demand.
Future Market Outlook
The outlook for Ranfurly’s real estate market remains optimistic as current trends suggest continued growth. The increasing population is likely to sustain demand for housing, both owned and rented, which bodes well for property values. If the town maintains its economic momentum and continues to attract new residents at a similar pace, it is reasonable to expect that both house and apartment prices may continue their upward trajectory.
However, investors should remain aware of broader macroeconomic factors such as interest rates, employment rates, and regional developments that might affect market conditions. While current indicators are positive, markets are subject to change due to various external pressures.
In conclusion, Ranfurly offers an attractive real estate market with solid growth prospects for investors. Continuous monitoring of local and provincial economic indicators will be key in capitalizing on its future potential.
