Ballymote, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
Ballymote, Ontario’s real estate market is experiencing steady growth, with the median house price currently standing at CAD $520,000, reflecting a 4% increase year-over-year. This consistent upward trend indicates a solid market that is attracting homeowners and investors alike. Similarly, the median apartment price has risen to CAD $310,000, marking a 2.5% rise year-over-year. These statistics suggest a healthy demand for housing in the area.
The population of Ballymote has grown to 15,500 residents, with an impressive growth rate of 3.3%. This demographic expansion contributes to the increasing demand for housing and helps maintain the momentum of property value appreciation. Overall, current market conditions are favorable for both sellers and buyers looking for long-term value retention.
Investment Opportunities and Potential
For investors considering Ballymote’s real estate market, there are compelling opportunities for both immediate rental income and long-term capital gains. The continuous population growth paired with rising property values suggests that investment in residential properties could yield profitable returns. Single-family homes remain attractive due to their significant appreciation potential as indicated by the 4% increase in median house prices.
Apartments also present an attractive opportunity with a moderate price increase trend of 2.5%. Given Ballymote’s population growth rate, demand for apartment living is likely to rise as newcomers seek affordable housing options. Investors may find this segment particularly appealing for diversifying their portfolio and tapping into the rental market.
Future Market Outlook
The future real estate market outlook for Ballymote remains optimistic. The sustained population growth at a rate of 3.3% serves as a strong indicator that local housing demand will continue to climb. In conjunction with this demographic trend, the stable appreciation rates for both houses and apartments signal a robust market poised for ongoing growth.
Assuming that economic conditions remain favorable and no significant disruptions occur regionally or nationally, Ballymote’s real estate market should maintain its upward trajectory. Investors and homebuyers can look forward to a dynamic market environment where properties not only serve as homes but also as promising investment vehicles.
