Tees, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,400 |
| Population Change | 5.6% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Tees, Alberta, is currently experiencing a period of moderate growth. The median house price stands at $485,000, reflecting a year-over-year increase of 3.2%. This increment indicates a steady, albeit not rapid, appreciation in property values within the region. Similarly, the median apartment price has seen an upward trend, currently sitting at $295,000, which is a 2.5% year-over-year increase.
The population of Tees has grown to 15,200 residents, representing a significant growth rate of 5.6%. This demographic trend suggests an increasing demand for housing units, both for ownership and rental purposes. As such, the current market conditions are characterized by stable prices with potential for future appreciation driven by demographic factors.
Investment Opportunities and Potential
With the observed steady growth in property values and the notable population increase, Tees presents viable investment opportunities in real estate. The consistent rise in median prices for both houses and apartments points towards a market with underlying stability and potential for long-term capital gains. Investors may consider this gradual appreciation as an indicator of lower risk when compared to markets with volatile price swings.
The current trends also suggest that there could be a heightened demand for rental properties due to population growth. Investors looking to diversify their portfolios might explore possibilities within the rental market or consider purchasing properties to accommodate the inflow of new residents seeking accommodation.
Future Market Outlook
The future outlook for Tees’ real estate market appears cautiously optimistic. As long as the population continues to grow at the reported rate, demand for housing is likely to keep pace or even increase. This demographic pressure could potentially lead to accelerated growth in property prices over time if the supply does not meet the burgeoning demand.
However, it’s important for stakeholders to monitor external economic factors that may impact interest rates and borrowing costs. Any significant changes in these areas could affect buyers’ purchasing power and thus influence the trajectory of the real estate market.
In conclusion, while current indicators show health and potential within Tees’ real estate market, investors and homebuyers should stay informed on local economic developments and maintain a long-term perspective when considering entering this market.
