Thorsby, 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 (2025) | 15,000 |
Previous Population (2020) | 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
The real estate market in Thorsby, Alberta is currently experiencing steady growth. The median house price stands at $500,000, which represents a 3.5% year-over-year increase. This indicates a healthy demand for single-family homes in the area. Similarly, apartments have seen a price trend of 2.1% growth year-over-year, with the median price at $300,000. These figures suggest a robust and growing market that is attracting both first-time homebuyers and seasoned investors.
The town’s population has been on an upward trajectory, boasting a significant 7.1% growth rate, which now stands at approximately 15,000 residents. This population surge is likely contributing to the increased demand for housing and can be seen as a positive sign for the stability of the local real estate market.
Investment Opportunities and Potential
Given the current trends, Thorsby presents several appealing investment opportunities. The consistent rise in property values coupled with the strong population growth creates a favorable environment for both residential and rental market investments. Investors may find particular potential in purchasing single-family homes due to their higher appreciation rate of 3.5%. With the median house price being half a million dollars, these properties are positioned well for capital gains over time.
Rental properties also present an attractive option due to the influx of new residents seeking housing. Investing in apartments could yield solid returns given their more modest yet steady appreciation rate of 2.1%. The growth in population suggests that demand for rental units will remain high, potentially ensuring low vacancy rates and stable rental income.
Future Market Outlook
The future outlook for Thorsby’s real estate market remains optimistic. If current trends continue, we can anticipate ongoing increases in property values driven by sustained population growth and rising demand. However, potential investors should also consider broader economic factors such as employment rates, interest rates, and regional economic development initiatives that could impact the market’s trajectory.
In conclusion, thorough due diligence is recommended when considering investments in Thorsby’s real estate market to capitalize on its current momentum while being mindful of external factors that may influence future conditions.