Vegreville, 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 Vegreville, Alberta is currently experiencing modest growth. The median house price stands at $500,000, having increased by 3.5% year-over-year. This indicates a steady but controlled appreciation in property values which may be attributed to favorable economic conditions and consumer confidence within the local housing market.
Similarly, the median apartment price has seen an increase to $300,000, with a year-over-year growth of 2.1%. This slower growth rate compared to houses suggests that apartments are a more stable but less rapidly appreciating investment. The population of Vegreville currently sits at 15,000 residents and has observed a significant population growth of 7.1%, which could be driving the demand for housing in the area.
Investment Opportunities and Potential
The consistent increase in property values across both houses and apartments suggests that Vegreville offers promising investment opportunities. The robust population growth implies a growing demand for housing which could benefit investors looking for long-term capital gains. Residential properties remain attractive as they show potential for both rental income and value appreciation.
In particular, the more significant appreciation rate for houses indicates that they might offer higher potential returns for investors considering purchasing properties to rent out or sell in the future. However, apartments could appeal to those looking for a more affordable entry point into the real estate market or seeking lower maintenance properties.
Future Market Outlook
The future outlook for Vegreville’s real estate market appears cautiously optimistic. Given the sustained growth in population and the steady appreciation of property values, it is reasonable to expect these trends to continue in the near term, barring any unforeseen economic disruptions.
Investors should keep an eye on factors such as local employment rates, infrastructure developments, and interest rates as these could have significant impacts on future market performance. With current trends in mind, those considering entering the Vegreville real estate market may find it prudent to act sooner rather than later to capitalize on current growth trajectories.
