Torrington, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
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
The real estate market in Torrington, Alberta has shown consistent growth over the past year. With a median house price of $485,000 representing a year-over-year increase of 4%, the market is showing signs of healthy demand. The median apartment price stands at $295,000, with a slightly lower growth rate of 2.5% year-over-year. These statistics suggest a steady market with a balanced appreciation in property values across different types of housing.
The population of Torrington has also experienced a notable increase, now sitting at 15,500 residents which reflects a 3.3% growth rate. This demographic expansion can be linked to the town’s attractiveness to new residents and may be contributing to the sustained demand for housing.
Investment Opportunities and Potential
For investors considering the Torrington real estate market, there are several factors to consider. The steady climb in house prices indicates that investment in residential properties could yield positive returns as the market continues to appreciate. Apartments, with their lower median price point and positive trend of 2.5% annual growth, present an accessible entry point for investors looking to capitalize on rental income or smaller-scale property investments.
The ongoing population growth suggests that demand for housing will remain robust, potentially leading to tighter inventory levels and increased rental rates. These factors combined make Torrington an attractive market for both long-term capital appreciation and immediate cash flow opportunities through rental properties.
Future Market Outlook
Looking ahead, the future market outlook for Torrington appears optimistic. The consistent population growth should continue to underpin demand for housing in the area. If economic conditions remain stable and interest rates are favorable, we can anticipate further incremental increases in property values.
Infrastructure developments and community investments could also play significant roles in shaping the future real estate landscape of Torrington. Any such initiatives would likely enhance the local quality of life and could make the town even more appealing to potential residents, thereby sustaining or increasing the pace of population growth and real estate demand.
In conclusion, while mindful of broader economic conditions that could impact local markets, current data points towards a positive trajectory for Torrington’s real estate market in both the near and longer term.
