Tofield, 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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
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
The real estate market in Tofield, Alberta, is currently experiencing steady growth. The median house price stands at $500,000, which marks a year-over-year increase of 3.5%. This indicates healthy demand and a competitive market for single-family homes. Meanwhile, the median apartment price is at $300,000, with a slower growth rate of 2.1% year-over-year. The divergence in growth rates between houses and apartments suggests that Tofield’s market may be more favorable for buyers looking for single-family homes.
The population of Tofield has reached 15,000 people, with a robust growth rate of 7.1%. This influx of residents can be attributed to Tofield’s appealing living conditions, job opportunities, and its proximity to larger economic centers. A growing population usually leads to increased demand for housing, which could further propel the real estate market forward.
Investment Opportunities and Potential
Given the current market trends, investment opportunities in Tofield appear promising. The steady increase in property values presents potential for capital gains over the medium to long term. Investors might consider targeting single-family homes due to their higher growth rate compared to apartments.
In addition to purchasing properties for resale or rental income, there is potential for new development projects to accommodate the growing population. These could include residential subdivisions, mixed-use developments, and amenities that cater to an expanding community. Moreover, with the local economy potentially benefiting from population growth, commercial real estate investments aimed at serving new residents could also be lucrative.
Future Market Outlook
The future outlook for Tofield’s real estate market remains positive based on current data. The consistent house price growth combined with strong population increases suggests that demand for housing will continue to rise. Assuming no significant changes in economic conditions or housing policies, prices are likely to follow an upward trajectory.
However, investors should remain vigilant regarding regional economic trends and government policy shifts that could impact the real estate sector. Keeping abreast of developments in Alberta’s broader economy—especially concerning energy sector performance—and any changes in interest rates or lending practices is critical for assessing future risks and opportunities.
In summary, Tofield offers a dynamic real estate market with potential for both residential and commercial investment returns. Careful analysis and strategic planning will be essential for investors looking to capitalize on this small but burgeoning Alberta town’s market dynamics.
