Balaclava, 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 Balaclava, Ontario is currently experiencing steady growth. The median house price in the area stands at $500,000, with a positive year-over-year increase of 3.5%. This indicates a healthy demand for housing in the region. Similarly, the median apartment price is set at $300,000, following an upward trend of 2.1% year-over-year. The consistent growth in property values reflects a robust and stable market that could be attractive to both homeowners and investors alike.
With a population of 15,000 residents, Balaclava has witnessed significant demographic expansion with a population growth rate of 7.1%. This surge underpins the increasing demand for housing and suggests that the market is likely to remain buoyant in the short to medium term.
Investment Opportunities and Potential
Balaclava’s real estate market presents several opportunities for investment. The positive trends in house and apartment prices indicate a potential for capital appreciation over time. For investors looking for long-term gains, purchasing residential properties could prove beneficial, especially considering the ongoing population growth which is likely to sustain or even increase housing demand.
In addition to purchasing properties for resale, there’s also potential in the rental market due to the expanding population. Rental properties, particularly apartments which are more affordable than houses, could provide investors with regular income streams. As the local economy grows and attracts new residents, it is reasonable to expect that rental demand will continue to rise.
Future Market Outlook
The future outlook of Balaclava’s real estate market appears promising based on current trends and demographic data. Assuming that the factors driving population growth—such as economic development or an influx of new residents seeking a suburban lifestyle—continue at their current pace or accelerate, it is likely that both property values and rental demand will see sustained increases.
The ongoing investment in infrastructure and amenities by local authorities can further enhance property values and quality of life in Balaclava. Provided there are no unforeseen economic downturns or regulatory changes that negatively impact the housing market, Balaclava seems poised for continued real estate success over the coming years.
In conclusion, while thorough due diligence is always recommended before making any investment decisions, current indicators suggest that Balaclava’s real estate market holds considerable potential for investors and homeowners looking to capitalize on its upward trajectory.
