Redland, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.8% |
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 | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Redland, Alberta is currently experiencing steady growth. The median house price stands at $485,000, marking a year-over-year increase of 4%. This suggests a healthy demand for detached homes in the area. Similarly, the market for apartments is also seeing an uptrend with the median apartment price at $295,000, which has risen by 2.5% from the previous year.
This growth can be partly attributed to Redland’s population growth which is reported at 3.3%, indicating that the town is attracting new residents at a rate higher than many other regions. This demographic shift is likely contributing to the increased housing demand, thus pushing prices upward. The sustained price increases signal a seller’s market where demand outstrips supply, leading to competitive buying conditions.
Investment Opportunities and Potential
The consistent rise in property values in Redland presents attractive investment opportunities. The positive trend in house prices suggests that investment in residential real estate could yield capital gains over the medium to long term. For investors looking at rental properties, the growing population implies a potentially expanding rental market with the opportunity for stable rental income streams.
Furthermore, with apartment prices also on an upswing but at a slower pace compared to houses, there may be opportunities for investors to enter the market at a more accessible price point while still benefiting from the overall growth trend. Given these factors, Redland appears to offer promising potential for both direct property investments and other real estate-related ventures.
Future Market Outlook
The future outlook of Redland’s real estate market remains optimistic due to several indicators. The solid population growth rate points towards sustained demand for housing. Assuming this trend continues, it will likely keep driving home prices and rental rates upwards. Moreover, if current economic conditions persist and interest rates remain favorable, the local real estate market could maintain its momentum.
However, investors should remain cognizant of external economic factors that could impact market conditions such as employment rates, inflation, and government policies related to housing and mortgages. Diligent monitoring of these factors is essential for making informed investment decisions going forward.
In summary, Redland shows positive signs for both short-term gains through property flipping and long-term investment via buy-and-hold strategies. As always, potential investors should conduct thorough due diligence and consult with real estate professionals specific to the Redland market before making any investment decisions.
