Wabasca, 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 | 1.1% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $410,000 |
3 bedrooms | $485,000 |
4 bedrooms | $580,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $340,000 |
3 bedrooms | $420,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,100 |
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 Wabasca, Alberta is currently characterized by steady growth. With a median house price of $485,000 and a positive year-over-year price trend of 4%, the market is demonstrating resilience and an upward trajectory. Similarly, the apartment sector is showing sustainable growth with a median price of $295,000 and a 2.5% year-over-year increase. This suggests that the market is balanced, with both housing and apartment segments appreciating at a moderate pace.
The population of Wabasca has reached 15,500 residents, with a robust growth rate of 3.3%. This demographic expansion is likely contributing to the demand for housing in the area, which in turn supports property value appreciation.
Investment Opportunities and Potential
The current real estate trends in Wabasca indicate that there are investment opportunities to be had, especially in the residential property market. The steady population growth suggests that rental properties may be increasingly in demand. Investors can capitalize on this trend by investing in both single-family homes and apartments.
The 4% increase in house prices points to a healthy market for flipping properties or holding them for long-term capital gains. For those looking to invest in apartments, the 2.5% price increase demonstrates potential for steady yield over time. The current prices are moderate compared to major urban centers, which could attract investors seeking more affordable entry points into the real estate market.
Future Market Outlook
Moving forward, the future outlook for Wabasca’s real estate market appears optimistic. The consistent population growth serves as an indicator of sustained demand for housing. If this demographic trend continues alongside economic stability or growth within the region, it is reasonable to expect that both residential property values and rental rates could see further increases.
However, investors should also monitor local economic factors such as employment rates and infrastructure developments which could influence future market conditions. Furthermore, keeping an eye on national economic indicators and mortgage rates can help predict larger trends that might impact the local real estate environment in Wabasca.
In conclusion, while there are no guarantees in real estate investment, Wabasca’s current market conditions combined with its positive medium-term trends suggest that it could be an opportune area for investment with potential for solid returns over time.