Ballymote, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
Ballymote, Ontario is currently experiencing a steady real estate market characterized by moderate growth. The median house price in the area is $510,000, marking a 4% year-over-year increase. This indicates a healthy demand for residential properties that is pushing prices upward at a sustainable rate. Similarly, the median apartment price stands at $315,000, with a slower yet consistent growth trend of 2.5% year-over-year.
The population of Ballymote has reached approximately 15,500 residents, with a noticeable population growth rate of 3.3%. This demographic expansion underpins the increasing demand for housing and suggests that the market is attracting new residents due to factors such as employment opportunities, lifestyle offerings, or regional investments.
2. Investment Opportunities and Potential
The current trends in Ballymote’s real estate market indicate several promising avenues for investment. With house prices growing at a steady pace, investors may find good potential in purchasing residential properties for long-term capital appreciation. Additionally, the apartment sector’s moderate price growth suggests opportunities for those looking to invest in rental properties, catering to those who prefer more affordable or flexible living arrangements.
The ongoing population growth not only drives housing demand but also hints at a broader economic vitality in the region which could lead to increased rental yields and property values over time. Thus, both buy-and-hold strategies and developments aimed at meeting the housing needs of an expanding community could be lucrative for investors with an eye on long-term gains.
3. Future Market Outlook
Looking ahead, Ballymote’s real estate market appears poised for continued growth. The population is on an upward trajectory which should sustain demand for housing. If current trends persist, we can expect both house and apartment prices to maintain their incremental rise.
Furthermore, as long as the region continues to attract new residents and maintains its economic health, the local real estate market should remain robust. Investors and homebuyers can be moderately optimistic about the future value appreciation of properties in Ballymote. However, it is important to remain vigilant about external economic factors that could impact interest rates, borrowing costs, and overall affordability which would subsequently affect the market dynamics.
