Bayfield, 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 Bayfield, Ontario, is currently experiencing a steady growth in property values. The median house price stands at $500,000, with an annual increase of 3.5%. This trend suggests a healthy demand for housing and a robust market that has consistently appreciated over the past year. In comparison, the median apartment price is $300,000, with a slightly lower year-over-year appreciation of 2.1%. Despite the slower growth rate in the apartment sector, both housing types are showing positive momentum.
Investment Opportunities and Potential
For investors considering Bayfield’s real estate market, there are promising opportunities for both short-term gains and long-term equity building. Given the current trends, purchasing single-family homes could yield higher returns due to their greater appreciation rate. However, apartments may offer more affordable entry points into the market with potential for rental income stability.
The population of Bayfield has grown by 7.1%, indicating a burgeoning community that could drive further demand for housing. This demographic shift presents an opportunity for development projects aimed at meeting the needs of a growing population. Investors focusing on properties that cater to families or offering amenities aligned with lifestyle demands might find particular success as the town expands.
Future Market Outlook
The future real estate market outlook for Bayfield appears cautiously optimistic. With a steady population growth rate of 7.1%, there is likely to be sustained demand for housing. If economic conditions remain conducive to growth and the population trend continues upwards, the real estate market should maintain its upward trajectory.
Investors and homeowners can take some comfort in the consistent appreciation rates seen over recent years; however, they should also remain attentive to changes in interest rates, local employment opportunities, and national economic indicators that could impact market conditions.
