Wellington, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| 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 Wellington, Alberta, is currently experiencing a period of steady growth. With a median house price of $495,000, the market has seen a year-over-year increase of 2.8%. This indicates a healthy uptick in property values that is slightly above inflation, suggesting that the housing market is on a stable upward trajectory.
In contrast, the median apartment price stands at $295,000, with a more modest year-over-year increase of 1.9%. This suggests that while apartments are appreciating in value, they are doing so at a slower pace than houses in Wellington.
The population of Wellington has been growing steadily as well, with a current population of 15,500 and an annual growth rate of 3.3%. This population increase is likely contributing to the housing demand and supporting the property value appreciation observed in the local market.
Investment Opportunities and Potential
The data suggests that Wellington presents viable investment opportunities for both residential properties and rental units. The consistent growth in house prices implies potential for capital gains for long-term investors. Furthermore, the steady influx in population may boost demand for rental properties, making it an appealing market for buy-to-let investors.
The slower growth rate in apartment prices compared to houses may indicate an opportunity to enter the market at a lower price point. Investors looking to cater to singles, young professionals, or small families might find apartments to be an attractive option due to their affordability and potential for future appreciation.
Future Market Outlook
The future outlook of Wellington’s real estate market appears promising. The area’s increasing population is likely to continue driving demand for housing. Assuming that economic conditions remain stable and interest rates are favorable, we can expect both house and apartment prices to maintain a gradual upward trend.
Growth patterns suggest that investment in Wellington’s real estate could provide moderate to strong returns over time. Nevertheless, investors should monitor local economic developments and infrastructure projects which could significantly influence property values and rental demand.
To maximize investment decisions, it is advisable for investors to look at regional economic forecasts, employment rates, and any government incentives for first-time homebuyers or developers which can impact the real estate market dynamics.
