Vegreville, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 3.0% |
| 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 | $335,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| 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 Vegreville, Alberta, is currently experiencing modest growth. The median house price stands at $485,000 with a year-over-year increase of 3%. This indicates a steadily appreciating housing market. Similarly, the apartment sector has seen a 2.5% year-over-year increase, bringing the median apartment price to $295,000. These trends suggest a balanced market that is growing at a sustainable rate.
The population of Vegreville has grown by 2.7%, which is reflective of broader provincial trends where smaller communities are seeing increased interest due to their affordability and quality of life. This population growth can potentially lead to greater demand for housing in the area.
Investment Opportunities and Potential
The consistent rise in property values suggests that Vegreville holds promise for real estate investors looking for stable long-term growth. The 3% increase in the housing market is particularly attractive for those interested in residential property investments. Additionally, the rental market may benefit from population growth as new residents seek accommodations, thus providing potential for investors to acquire rental properties.
With apartments appreciating at 2.5%, investors considering multi-family units might find opportunities in this segment as well. Given the town’s size and growth rate, both residential and commercial investments have room for appreciation as more services and amenities will likely be needed to accommodate the growing population.
Future Market Outlook
The future real estate market outlook for Vegreville appears positive. The steady increase in median house and apartment prices is indicative of a healthy real estate environment. If current trends continue alongside population growth, it can be expected that both demand and property values will maintain an upward trajectory.
However, it’s important for investors to consider macroeconomic factors such as interest rates, employment rates, and regional economic development initiatives which could influence future market performance. Given that Alberta’s economy is diversifying and moving towards stability after fluctuations in the energy sector, markets like Vegreville could benefit from increased investor confidence and demand in coming years.
In conclusion, real estate investment in Vegreville offers potential for modest yet steady capital appreciation. Prospective buyers should monitor local development plans and broader economic indicators to make informed investment decisions.
