Westlock, 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 Westlock, Alberta, is currently experiencing stable growth. The median house price in the area is $500,000, reflecting a year-over-year increase of 3.5%. This increment is indicative of a healthy demand for single-family homes in the region. Similarly, apartments are also seeing an upward trend with a current median price of $300,000 and an annual appreciation rate of 2.1%. Such consistent growth in property values suggests a balanced market where both buyers and sellers can find opportunities.
Investment Opportunities and Potential
The Westlock real estate market presents several investment opportunities. With the population growing at a significant rate of 7.1%, there is potential for increased demand in housing. Investors might want to consider long-term capital gains through the purchase of residential properties due to the steady appreciation rates observed. Additionally, the consistent rise in apartment prices could attract those interested in earning rental income, as more people may look for affordable housing options within this segment.
Future Market Outlook
The future outlook for Westlock’s real estate market remains optimistic. Population growth acts as a strong indicator for sustained demand in residential properties. Given the current trends and assuming no major economic shifts, we can expect property values to continue to rise moderately. This suggests that investments made today could yield positive returns due to the ongoing development and expansion of the local economy.
