Scandia, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.7% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $430,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $410,000 |
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
In Scandia, Alberta, the real estate market is currently showing a steady increase in property values. The median house price stands at $485,000, with a year-over-year growth of 2.8%. This rate of appreciation points to a healthy demand in the housing sector. Meanwhile, the median apartment price is slightly more modest at $290,000, experiencing a growth of 1.7% year-over-year. These statistics demonstrate consistent growth across different housing types.
The population of Scandia has been growing at an impressive rate of 3.3%, which suggests an influx of residents that could further fuel housing demand. This demographic trend is an important factor contributing to the vitality of the real estate market in this area.
Investment Opportunities and Potential
Investors considering Scandia as a potential location for real estate investments should note the steady appreciation in property values. The consistent growth pattern in both houses and apartments indicates a stable investment environment. Entry-level pricing for apartments offers investors a more accessible point of entry into the market, with potential for rental income given the increasing population.
The robust population growth hints at a sustainable demand for housing, likely driven by employment opportunities or lifestyle factors attracting new residents. Investors should also consider exploring opportunities in property development and renovation projects to cater to the discerning needs of newcomers seeking modern amenities.
Future Market Outlook
The future outlook for Scandia’s real estate market appears positive based on current trends and demographic data. Assuming that local economic conditions remain favorable and infrastructure development keeps pace with population growth, we can anticipate continued moderate price appreciation in both houses and apartments.
The key driver behind this optimism is the sustained population increase, which is likely to maintain or even heighten demand for housing. Prospective investors and homeowners should monitor factors such as employment rates, local government policies, and national economic indicators that could impact market dynamics going forward.
In conclusion, Scandia presents itself as an attractive market for both residential living and investment purposes with its steady growth and positive outlook.
