Bonfield, 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 Bonfield, Ontario, is currently characterized by a stable growth pattern. The median house price stands at $500,000, which reflects a moderate year-over-year increase of 3.5%. This increment indicates a steady demand for housing in the area and suggests that the market is maintaining a healthy pace without experiencing the volatility seen in some other regions.
In the apartment sector, we see a more modest growth trend with the median apartment price at $300,000 and an annual appreciation of 2.1%. This slower pace might be indicative of a more saturated market or could suggest that buyers are favoring houses over apartments in this particular region.
The population of Bonfield has reached 15,000 residents and has seen significant growth of 7.1%. This demographic trend is likely contributing to the continued demand for housing and can be seen as a positive indicator for local real estate stability.
Investment Opportunities and Potential
Given the steady increase in property values and the robust population growth, Bonfield represents an attractive opportunity for investors. Single-family homes seem to offer a particularly promising investment due to their higher appreciation rate compared to apartments. The consistent uptrend in prices suggests that investments made at current market conditions have good potential for capital gains over time.
Furthermore, with an ongoing influx of new residents, rental properties could also provide lucrative returns. As newcomers look for places to live, landlords may experience low vacancy rates and potential for rental income increases.
Investors looking to develop new properties should take note of the population trends. With rising numbers of residents, there could be an underserved demand for both residential and mixed-use developments that cater to this growing community.
Future Market Outlook
The future real estate market outlook for Bonfield is cautiously optimistic. If current trends persist with steady population growth and manageable appreciation rates, the housing market should remain resilient. It is vital to monitor economic drivers such as employment rates and infrastructure developments that could significantly influence future real estate dynamics in Bonfield.
Careful attention should also be paid to regional policy changes or shifts in buyer sentiment that could impact the market. However, assuming no major economic disruptions occur, Bonfield’s real estate market is positioned to continue its positive trajectory through the near-to-medium term.
