Westlock, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
As of recent data, the real estate market in Westlock, Alberta is experiencing a steady growth in property values. The median house price currently stands at $495,000, reflecting a year-over-year increase of 3.2%. This indicates a healthy demand for houses in the region, potentially driven by factors such as local economic stability and attractive community amenities.
In contrast, the apartment sector shows a more modest growth trend with the median apartment price at $290,000 and a year-over-year increase of 1.9%. This suggests that while apartments are appreciating in value, they are doing so at a slower rate than houses.
Investment Opportunities and Potential
The positive trends in house pricing coupled with the steady population growth of 2.7% suggest that Westlock presents promising investment opportunities. Investors looking to capitalize on residential properties might find single-family homes particularly appealing given their stronger appreciation rate compared to apartments.
Apartments, however, may offer a more accessible entry point for new investors or those looking for lower maintenance properties. The steady if slower growth rate in apartment prices also indicates a consistent demand likely due to demographic factors such as smaller households or demand for rental units.
Future Market Outlook
The future outlook of the Westlock real estate market appears optimistic. The continued population growth is likely to sustain demand for housing in both the private ownership and rental markets. With an above-average population growth rate of 2.7%, Westlock’s housing demand is expected to remain robust which could lead to further price increases over time.
Investors should monitor key economic indicators such as employment rates, income levels, and regional development projects which could influence market dynamics further. Caution should be exercised, however, due to unforeseen macroeconomic factors that can affect real estate markets globally and regionally.
