Berwick, 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 in Berwick, Ontario
The real estate market in Berwick, Ontario, has displayed a steady growth pattern over the recent period. With a median house price currently standing at $500,000, the market has experienced a year-over-year increase of 3.5%. This increment is indicative of a healthy demand for single-family homes in the area, which may be attributed to several factors including its small-town charm, proximity to larger urban centers for commuting residents, and overall quality of life.
The market for apartments is also showing positive signs of growth, albeit at a slower pace. The median apartment price is $300,000, marking a year-over-year trend increase of 2.1%. This suggests that while there is an interest in more affordable and smaller-scale housing options, the demand for such properties is growing at a more modest rate compared to houses.
Berwick’s population stands at approximately 15,000 residents with a robust growth rate of 7.1%, significantly higher than many other regions. This rapid population increase is likely contributing to the sustained demand for housing and the consequent rise in property prices.
Investment Opportunities and Potential in Berwick
The real estate market in Berwick offers promising investment opportunities given the current trends. Investors looking into the single-family home segment can expect consistent appreciation based on the current trajectory of a 3.5% year-over-year price increase. Entry into the market at a median price point of $500,000 could yield favorable returns as the community continues to expand and attract new residents.
The apartment sector also presents potential for investors seeking lower entry points and longer-term yield through rental income. While the growth rate for apartments is more subdued at 2.1% year-over-year, the steady climb coupled with population growth suggests that rental properties could benefit from increased demand over time.
Moreover, the significant population growth opens up avenues for development projects that cater to newcomers such as retail spaces, services catering to families and seniors, and other community infrastructure investments.
Future Market Outlook for Berwick Real Estate
The outlook for Berwick’s real estate market remains optimistic based on current indicators. Assuming no major economic disruptions occur, it is reasonable to project that both house and apartment prices will continue their upward trend albeit potentially at different rates given their respective year-over-year increases.
The ongoing population growth will serve as a key driver for housing demand ensuring that both sectors maintain momentum. As new residents settle within Berwick’s boundaries seeking employment opportunities or family-friendly neighborhoods, we anticipate that both purchase prices and rental rates will remain buoyant.
In conclusion, stakeholders and potential investors should monitor key factors such as interest rates, economic policies affecting real estate markets broadly, and local developments specific to Berwick’s economy and infrastructure which can influence future market conditions.
