Tomahawk, 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
The real estate market in Tomahawk, Alberta, is currently characterized by moderate growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a steady upward trend in property values for the area. In contrast, apartments are relatively more affordable, with a median price of $300,000 and experiencing a slightly slower year-over-year appreciation at 2.1%.
The population of Tomahawk has reached approximately 15,000 residents, showcasing a robust growth rate of 7.1%. This demographic expansion is likely contributing to the demand for housing in the region and can be seen as a positive indicator for real estate market health.
Investment Opportunities and Potential
Investors may find Tomahawk an attractive market due to its steady growth in both property values and population. The consistent increase in median house prices suggests that investments in residential real estate could yield solid returns over time. Moreover, the burgeoning population implies a rising demand for rental properties, potentially leading to favorable rental yields for investors focused on apartments or multi-family dwellings.
The lower appreciation rate of apartment prices compared to houses points towards an opportunity for investors to enter the market at a more accessible price point while still participating in the overall growth of the region’s real estate values.
Future Market Outlook
The real estate market in Tomahawk appears poised for continued growth. Given the strong population increase and sustained uplift in property prices, the outlook remains optimistic. If current trends persist, investors and homeowners can expect ongoing appreciation in property values.
However, potential investors should monitor local economic developments and infrastructure projects that could impact future market conditions. Additionally, keeping an eye on national economic indicators and interest rates will be crucial for assessing long-term investment viability.
