Algoma, Ontario 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 Algoma, Ontario, is currently experiencing stable growth. With a median house price of $500,000, the market has seen a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes in the area, reflecting a growing interest from both local residents and potential investors seeking properties in smaller communities.
Similarly, the apartment sector is showing positive momentum with a median apartment price of $300,000, which has risen by 2.1% year-over-year. This suggests a consistent yet slower growth rate compared to houses, possibly due to the higher demand for detached housing in this region or a more limited supply of apartment units.
The population of Algoma stands at 15,000 residents, with an impressive population growth rate of 7.1%. This rapid increase is likely contributing to the sustained demand for housing and can be seen as a strong driver for future real estate market expansion.
Investment Opportunities and Potential
The current trends provide optimism for investors considering Algoma’s real estate market. The steady growth in property values, combined with the significant population increase, suggests that there is an expanding pool of potential tenants and buyers. Investment opportunities may be particularly robust in the single-family home segment, which shows stronger annual price growth.
For those looking to invest in rental properties, the rising population could signify a growing rental market with the potential for positive cash flow and capital appreciation over time. Developers might also find opportunities to meet the housing demand through new construction projects tailored to suit the preferences of an expanding community.
Future Market Outlook
The future outlook for Algoma’s real estate market appears promising. Given the solid population growth along with consistent increases in property values, it is likely that the demand for housing will continue to rise. Assuming no significant economic disruptions occur, we can anticipate ongoing moderate growth in both house and apartment prices.
As long as the local economy remains stable and continues to attract new residents, investment in Algoma’s real estate could prove to be advantageous. However, prospective investors should remain vigilant of broader economic conditions that could impact interest rates or employment levels, potentially affecting overall market health.
In conclusion, Algoma presents itself as an attractive market for both residential living and real estate investment. The data supports a cautiously optimistic view that should inspire confidence among homeowners and investors alike.
