Balaclava, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $475,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,505.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Balaclava, Ontario is currently experiencing a period of steady growth. The median house price in the area stands at $525,000, with an observed year-over-year increase of 4%. This indicates a healthy demand for single-family homes, alongside a consistent appreciation in property values.
Similarly, the apartment sector has shown positive movement, albeit at a slightly slower pace. With a median price of $320,000 and an annual growth rate of 2.5%, the market for apartments is also expanding, suggesting that smaller housing units are becoming an increasingly attractive option for certain buyer segments.
The population of Balaclava has reached approximately 15,500 residents, with a robust growth rate of 3.3%. Such demographic expansion is often a precursor to increased housing demand, supporting the ongoing upward trend in real estate values.
Investment Opportunities and Potential
Given the current market dynamics and the sustained population increase, Balaclava presents several attractive investment opportunities. The continuous rise in median house prices reflects a strong potential for capital gains for those investing in residential properties. Long-term investors could benefit from the compounding effect of the 4% annual growth in housing prices.
The apartment market also offers investment potential, particularly for individuals targeting rental income. With the slower yet stable appreciation rate of 2.5%, investors might find opportunities to acquire properties that can yield consistent rental returns while also benefiting from gradual equity growth.
New development projects may also surface as a response to the growing population, presenting opportunities to invest in pre-construction units or new housing developments that could cater to the increasing demand.
Future Market Outlook
The future outlook for Balaclava’s real estate market remains optimistic. Anticipating further population growth and the continuation of current trends, it is reasonable to expect ongoing demand across both housing and apartment segments. Barring any unforeseen economic shifts or policy changes impacting affordability and lending rates, Balaclava should maintain its trajectory of moderate yet steady growth.
Investors and homebuyers considering Balaclava will likely find both short-term gains through flipping or rental income strategies and long-term benefits from property value appreciation. As always, careful consideration of specific locations within Balaclava and due diligence on individual properties will be crucial to maximizing investment returns.
