Altona, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Altona, Ontario currently exhibits a stable growth pattern. The median house price in the area stands at $500,000, showing a healthy year-over-year increase of 3.5%. Meanwhile, apartments have a median price of $300,000, with a slightly slower growth rate of 2.1% year-over-year. These figures suggest a robust market that is growing steadily without any signs of sudden inflation or bubbles.
The population of Altona has reached approximately 15,000 residents, with an impressive growth rate of 7.1%. This demographic expansion is likely contributing to the demand for housing, further fueling the positive trends observed in property values. Additionally, the balanced growth between house and apartment prices suggests a diversified market appeal, attracting both families looking for more spacious accommodation and individuals or smaller households seeking more affordable apartment living.
Investment Opportunities and Potential
Given the solid year-over-year increases in property values, Altona presents various attractive investment opportunities. Investors could benefit from capital gains over time as the market continues to show potential for consistent growth. The ongoing population surge indicates that rental properties are likely to be in high demand, potentially yielding lucrative rental income streams.
The diversity in property types and price points also allows for different investment strategies; from purchasing single-family homes to capitalize on the higher appreciation rates to investing in apartments that may offer lower entry costs and appeal to the rising number of small households or young professionals moving into the area.
Future Market Outlook
The future outlook for Altona’s real estate market remains optimistic. The consistent upward trends in property values paired with strong population growth suggest that demand for housing will continue to rise. If these demographic and economic trends persist, investors can reasonably expect continued appreciation in property values and rental rates.
However, potential investors should also monitor local economic developments and infrastructure projects which could further influence the market dynamics. It is also advisable to consider any changes in government policies regarding housing, taxation, or interest rates that could impact the real estate market’s performance.
In conclusion, Altona’s real estate market appears poised for sustained growth making it an attractive destination for both homebuyers and investors alike. The combination of rising property values, significant population growth, and a healthy local economy provides a strong foundation for future market stability and potential returns on investment.
