Birr, 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 Birr, Ontario
In Birr, Ontario, the current median house price stands at $500,000, with a positive trend of 3.5% year-over-year. This indicates a healthy and appreciating real estate market for single-family homes. Similarly, the median apartment price has seen a growth of 2.1% year-over-year, currently positioned at $300,000. The steady growth in both housing and apartment prices reflects a stable demand for residential properties in Birr.
The population of Birr has reached approximately 15,000 residents, showcasing a robust increase of 7.1%. This significant population growth is a positive indicator for sustained demand in the housing market. The influx of new residents usually leads to increased consumption and investment in local infrastructure and amenities, further enticing potential homeowners and investors.
Investment Opportunities and Potential in Birr, Ontario
The real estate market in Birr offers promising investment opportunities considering its consistent price appreciation across various types of properties. For investors looking at long-term capital gains, single-family homes present a solid choice given the higher annual appreciation rate of 3.5%. Residential properties are likely to benefit from the town’s growing population and may result in higher rental demands and potential rent increases.
Apartments also offer an attractive entry point for both first-time buyers and investors due to their lower median price point and notable appreciation trend. Investors may capitalize on the growing need for more affordable and smaller-scale housing options as the population expands.
Future Market Outlook for Birr, Ontario
The future real estate market outlook for Birr is optimistic. With the continued population growth rate of 7.1%, the demand for housing is expected to remain strong. This demographic trend suggests that both rental and ownership markets will continue to thrive as more people seek accommodation within the area.
Furthermore, assuming that current economic conditions persist and no major disruptive events occur locally or globally, the steady annual growth rates in house (3.5%) and apartment (2.1%) prices are likely to continue or even improve. This makes Birr an appealing destination not only for those looking to purchase a home but also for real estate investors seeking stable returns on investment.
In conclusion, leveraging these statistics alongside comprehensive market analysis can guide potential buyers and investors towards making informed decisions that align with their financial objectives in Birr’s dynamic real estate environment.
