Aurora, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,200,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 1.0% |
Apartment
| Median price | $650,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $950,000 |
| 3 bedrooms | $1,200,000 |
| 4 bedrooms | $1,450,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $600,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $900,000 |
Demographics
| Current Population (2024) | 20,000 |
| Previous Population (2019) | 19,000 |
| Population Change | 5.3% |
| Total Private Dwellings | 8,000 |
| Occupied Private Dwellings | 7,500 |
| Population Density (per km²) | 2.5 |
| Land Area (km²) | 3,000.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Aurora, Ontario, is currently experiencing stable growth. With the median house price sitting at $1,200,000, there has been a consistent year-over-year increase of approximately 4%. The demand for detached homes remains robust, reflecting both the desirability of the area and the overall strength of the housing market.
In comparison, the median apartment price in Aurora is currently $650,000, showing a slower but steady year-over-year growth rate of 2.5%. This indicates a sustained interest in multi-family dwellings and can be attributed to factors such as downsizing trends among older residents and entry-level purchases by first-time homebuyers.
The population of Aurora stands at around 20,000 residents with a significant population growth of 5.3%, suggesting that the town is attracting new residents at a rapid pace. This influx is likely to continue supporting housing demand and could lead to increased competition for available properties.
Investment Opportunities and Potential
The current trends indicate that real estate investments in Aurora have considerable potential. The steady appreciation in property values offers investors the opportunity for capital gains over time. Investors looking to enter the market could consider purchasing single-family homes that have shown stronger growth compared to apartments. However, apartments should not be overlooked as they represent a more accessible entry point into the market and cater to different demographic segments.
Given the population growth and limited housing supply, rental properties may also present an attractive investment opportunity. With more people moving to Aurora, there is likely to be an increased demand for rental accommodation. Investors might explore the possibility of buying properties to rent out or considering developments that can provide additional rental stock.
Future Market Outlook
The future outlook for Aurora’s real estate market appears positive. The combination of consistent property value appreciation and robust population growth points towards a continuing upward trend for both house and apartment prices.
As developers respond to increased demand with new constructions, there may be some fluctuation in prices due to changes in supply levels. Nonetheless, long-term investors are likely to find Aurora an appealing market due to its economic stability and potential for sustained growth. Careful monitoring of interest rates, employment figures, and regional development plans will be essential for making informed investment decisions moving forward.
In summary, Aurora’s real estate market presents promising opportunities for investors and homeowners alike, with a healthy forecast supported by strong economic fundamentals.
