Wapiti, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
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 | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Wapiti, Alberta is currently experiencing a period of modest growth. The median house price stands at $485,000, reflecting a year-over-year increase of 4%. This indicates a steadily appreciating housing market, signaling consistent demand and a healthy economic environment within the region. Similarly, the apartment sector has seen a rise in value, with the median apartment price reaching $295,000 and growing at 2.5% annually.
Given these trends, Wapiti’s real estate market is attracting both homeowners and investors looking for stable growth. The population of the area has grown to 15,200 residents, showing a robust annual increase of 2.7%. This demographic expansion supports the ongoing demand for housing and suggests that the current upward pricing trends are likely to persist as new residents seek accommodation.
2. Investment Opportunities and Potential
The sustained growth in property values coupled with steady population increases points to significant investment opportunities within Wapiti’s real estate market. For investors targeting long-term capital appreciation, single-family homes present an attractive option due to their stronger year-over-year price increment compared to apartments.
Apartments, on the other hand, offer a lower entry point into the market at a median price of $295,000 and could be particularly appealing to investors focusing on rental income streams. With an ongoing influx of residents, demand for rental properties is likely to remain high, potentially leading to favorable rental yields.
In addition to residential properties, the population growth may also create opportunities in commercial real estate development such as retail spaces, office buildings, and service-oriented businesses that cater to the growing community.
3. Future Market Outlook
The future outlook for Wapiti’s real estate market remains optimistic. Population trends indicate continued growth which will likely sustain demand for housing across both purchase and rental markets. Assuming no major economic disruptions occur, the real estate market here should maintain its current trajectory of moderate but steady growth.
The 4% annual growth rate in house prices suggests confidence in the local economy and resilience in the housing market. As such, potential investors can view this as an indication of a relatively low-risk environment with reasonable expectations for future appreciation.
In conclusion, provided that regional economic conditions remain stable or improve further, Wapiti’s real estate market is set to offer promising prospects for both homeownership and investment activities over the coming years.
