Wapiti, 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 (2025) | 15,000 |
Previous Population (2020) | 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 Wapiti, Alberta currently presents a stable investment environment with consistent growth. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This suggests a healthy demand for single-family homes which can be attributed to the region’s robust economy and appealing lifestyle options. Similarly, the apartment sector is witnessing modest growth with the median price at $300,000 and a 2.1% annual appreciation rate. These trends indicate an ongoing interest in both buying and renting among residents.
Investment Opportunities and Potential
Investors considering Wapiti’s real estate market can expect promising opportunities, particularly in residential properties. The steady climb in house prices hints at a sustained value increment over time, making it an attractive long-term investment. With the population growing at a significant rate of 7.1%, demand for housing is projected to rise, potentially leading to tighter market conditions and higher rental yields for income-seeking investors.
Moreover, as apartment prices are increasing at a slightly slower pace than houses, there may be an entry point for investors looking to cater to individuals who prefer affordable housing options or are not yet ready to enter the homeownership market.
Future Market Outlook
The future outlook for Wapiti’s real estate market appears optimistic given the current trends and demographic indicators. The population growth rate of 7.1% is notably high and is likely to drive housing demand further. Assuming that economic conditions remain favorable and the influx of new residents continues, we can anticipate a continued upward trajectory for property values and rental rates.
However, investors should monitor local economic developments and potential policy changes that could impact the housing market dynamics. Overall, with careful due diligence, Wapiti presents itself as an attractive locale for both residential real estate investment and development projects.