Woking, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $482,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $290,000 |
| 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 | $482,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,600 |
| Population Change | 4.1% |
| 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 Woking, Alberta is currently experiencing moderate growth. With a median house price of $482,000, there has been a year-over-year increase of 3.2%. This growth rate suggests a healthy demand for housing in the area, reflecting both the attractiveness of Woking as a residential location and the overall stability of the market. The apartment sector shows a more modest growth with the median apartment price at $290,000, which has risen by 1.9% from the previous year. This indicates a slightly slower but consistent interest in multi-family housing options.
The population of Woking stands at 15,200, having grown by 4.1%. This sustained population growth is likely to continue underpinning demand for housing in both the private sale and rental markets. The current trends suggest a balanced market that is expanding in line with demographic pressures.
Investment Opportunities and Potential
In terms of investment potential, Woking’s real estate market offers opportunities for both short-term gains and long-term value appreciation. Single-family homes are showing stronger price growth, which could be attractive to investors looking for capital appreciation or to capitalize on the potential for higher rental incomes as demand increases with population growth.
Apartments offer a lower barrier to entry for investors due to their lower median price point. The slower price increase suggests that there may be room for value appreciation in this segment as well. Moreover, as population growth continues, demand for more affordable and diverse housing options like apartments is likely to rise, potentially increasing rental yields over time.
Investors should also consider factors such as local economic growth, employment rates, and future infrastructure development when evaluating the investment potential in Woking’s real estate market.
Future Market Outlook
The future outlook for Woking’s real estate market remains positive given the steady population increase and ongoing demand for housing. Assuming that economic conditions remain favorable and employment opportunities continue to attract residents, both sectors of the housing market should maintain their upward trajectories.
The sustained population growth will likely result in further residential development projects and could entice retailers and service providers to expand into the area, thus enhancing property values. Moreover, if current trends persist, we can expect single-family homes to continue leading the market in terms of price growth while apartments may see an uptick as they catch up to meet growing demands from various demographic segments.
Cautious optimism is advised due to potential macroeconomic factors that could impact interest rates and borrowing costs; however, with careful planning and consideration of long-term trends, Woking’s real estate market holds promise for both homeowners and investors alike.
