Rimbey, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $565,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $325,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,100 |
| Previous Population (2019) | 14,700 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,100 |
| 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 Rimbey, Alberta, is currently characterized by steady growth. The median house price stands at $485,000, showing a year-over-year increase of 2.8%. This indicates a stable market with moderate appreciation in property values. Similarly, the median apartment price has reached $295,000, which has climbed at a slightly lower rate of 1.9% year-over-year.
The population of Rimbey has been growing at a healthy pace of 2.72%, which suggests a robust local economy and increasing demand for housing. With a population now reaching 15,100 residents, the town is experiencing demographic shifts that will likely continue to influence the housing market dynamics.
Investment Opportunities and Potential
The consistent appreciation in property prices coupled with the population growth suggests that Rimbey holds promising investment opportunities. The upward trend in median house prices points towards a market that is ripe for long-term investments, particularly in residential properties.
Investors looking to capitalize on rental markets may find apartments to be an appealing option due to their lower entry price point and steady price growth. With the ongoing influx of residents, demand for rental units is projected to rise, possibly leading to increases in rental yields over time.
Future Market Outlook
The future outlook for Rimbey’s real estate market appears optimistic. The combination of steady population growth and continuous property value appreciation suggests that the housing demand will remain strong. If these trends persist, investors can expect ongoing opportunities for capital gains.
However, it is crucial for potential investors and homeowners to monitor economic factors such as employment rates, interest rates, and regional developments that could impact property values and market stability. Keeping abreast of both local and national economic indicators will be essential for making informed decisions in Rimbey’s evolving real estate landscape.
