Scandia, 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 in Scandia, Alberta
The real estate market in Scandia, Alberta, is currently experiencing stable growth with the median house price sitting at $500,000 and witnessing a year-over-year increase of 3.5%. This trend suggests a healthy demand for single-family homes. Similarly, the apartment sector is also showing positive momentum, with the median apartment price reaching $300,000 and growing at a slower yet consistent rate of 2.1% year-over-year.
The population of Scandia has reached 15,000 residents and continues to grow at a significant rate of 7.1%. This demographic expansion is a driving force behind the steady demand for housing in both the private home and apartment markets. The community’s infrastructure and amenities are likely responding to this growth, making Scandia an increasingly attractive location for both current residents and potential newcomers.
Investment Opportunities and Potential in Scandia
Given the steady growth in property values and the robust population increase, Scandia presents several promising investment opportunities. The consistent appreciation in median house prices indicates a reliable residential market where investors could potentially benefit from capital gains over time. Furthermore, the demand for rental properties is likely to rise in tandem with population growth, suggesting that investment in rental apartments could yield stable rental income streams.
With apartment prices increasing at a slower rate than houses, there may be an opportunity for investors to enter the market at a lower initial cost while still benefiting from the overall growth trends. Additionally, new development projects catering to the growing population could offer further investment prospects with potential for long-term return on investment.
Future Market Outlook for Scandia
The future real estate market outlook for Scandia appears optimistic. The solid year-over-year growth rates for both houses and apartments are indicative of an enduring upward trajectory. As long as the population continues to rise at its current pace, it is likely that demand for housing will remain strong.
Local economic factors, such as employment opportunities and community investments, will also play essential roles in shaping the future market. Should these factors remain favorable or improve further, they will contribute to sustained or possibly increased rates of property value appreciation. However, potential investors and homeowners should also stay informed about regional economic shifts or policy changes that might impact these trends.
In conclusion, Scandia’s real estate market currently displays robust health with positive trends that are expected to continue into the foreseeable future—barring any unforeseen economic disturbances—making it an attractive area for both residential buyers and real estate investors alike.
