Whitecourt, 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 Whitecourt, Alberta is currently exhibiting steady growth with the median house price standing at $500,000, which represents a 3.5% increase year-over-year. This suggests that the housing market has been resilient, consistently appreciating in value over time which can be indicative of healthy demand and a stable local economy.
Similarly, the apartment sector has seen growth, albeit at a slower pace, with the median apartment price reaching $300,000, marking a 2.1% rise year-over-year. This difference in growth rates between houses and apartments might reflect varying levels of demand across different housing types within the market.
In addition to pricing trends, it’s important to note that Whitecourt’s population has grown by 7.1%, suggesting an influx of new residents that could contribute to increased housing demand. This demographic shift is likely to have a direct impact on real estate dynamics in the area.
Investment Opportunities and Potential
The steady increase in property values coupled with significant population growth presents a promising scenario for real estate investors. The consistent appreciation in median house prices points towards strong investment potential for single-family homes. With prices for houses outpacing those of apartments, investors may find greater long-term capital gains in this segment of the market.
Apartments offer a lower entry point into the real estate market at $300,000. While their appreciation rate is more modest compared to houses, they may represent an opportunity for investors looking for more affordable investments or seeking to cater to individuals and small families who prefer apartment living.
The population growth indicates a rising demand for rental properties. Investors might consider leveraging this trend by acquiring rental properties which could see increased rental yield as demand strengthens.
Future Market Outlook
Looking forward, Whitecourt’s real estate market appears poised for continued growth. The robust population increase will likely sustain demand for both purchasing and renting properties. Provided that economic conditions remain favorable and there are no unforeseen local or global economic shifts, we can expect both segments of the market (houses and apartments) to maintain an upward trajectory in terms of value.
However, potential investors should monitor any changes in local industry or employment rates as these factors could influence future market conditions. It’s also advisable to keep an eye on national economic policies that could affect interest rates or lending criteria as these can significantly impact buyer affordability and consequently real estate markets.
In summary, Whitecourt presents a compelling case for real estate investment with its positive property value trends and demographic growth. Prudent investors should conduct thorough due diligence, keeping abreast of both local developments and broader economic indicators to make well-informed decisions.
