Binscarth, Manitoba Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,200 |
| Population Change | 5.6% |
| 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 Binscarth, Manitoba is currently experiencing steady growth. With a median house price of $495,000, the market has seen a year-over-year increase of 3.2%. This indicates a healthy demand for housing in the area. Similarly, the median apartment price is at $295,000, with a slightly lower year-over-year trend of 2%. The population of Binscarth stands at 15,000 residents, and has been growing at a rate of 5.6%, which may contribute to the ongoing demand for housing and suggest a robust local economy.
Investment Opportunities and Potential
The investment opportunities in Binscarth are promising given the consistent rise in property values. The solid growth in house prices reflects confidence in the market, making it attractive for both residential and rental property investors. The population increase is likely to drive demand for more housing units, presenting potential for new development projects or renovation of existing properties to cater to various segments of the market. Furthermore, considering the more moderate price increase for apartments, investors might find this segment particularly appealing for targeting first-time homebuyers or individuals seeking more affordable housing options.
Future Market Outlook
The future market outlook for Binscarth appears optimistic based on current trends. If the population continues to grow at the current rate, demand for housing is expected to remain strong. This could lead to sustained or even increased growth in property values over time. However, it’s important for investors and potential homebuyers to monitor economic factors that could impact interest rates and employment levels, as these will also influence the real estate market’s performance. Careful analysis of local developments and national economic policies will be crucial in predicting future trends with greater accuracy.
