Bright, 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 Bright, Ontario, is currently experiencing stable growth. With the median house price at $500,000 and witnessing a year-over-year increase of 3.5%, the housing sector shows signs of consistent demand. The median apartment price stands at $300,000, with a more modest growth rate of 2.1% year-over-year. This slower growth rate in apartment prices indicates a potentially higher demand for detached homes.
The population of Bright has reached approximately 15,000 residents, with a notable population growth rate of 7.1%. This demographic expansion suggests an increasing demand for housing units in the near future as new residents seek accommodation.
Investment Opportunities and Potential
The real estate market in Bright offers attractive investment opportunities. The steady growth in house prices reflects a healthy market that could benefit long-term investors. The lower apartment price trend compared to houses may present potential for rental investments or affordable entry points for first-time buyers.
In addition to residential properties, commercial real estate may also benefit from the growing population. As the community expands, so does the need for retail spaces, offices, and various services that cater to the needs of residents.
Future Market Outlook
The future outlook for Bright’s real estate market appears promising due to several factors:
- The continuous population growth suggests sustained or increased demand for housing.
- The positive price trends indicate a stable appreciation of property values over time.
- A diverse range of investment opportunities can accommodate different investment strategies and risk profiles.
Cautious optimism is advised for investors and homebuyers alike as they navigate the real estate landscape in Bright, taking into consideration global economic conditions that may influence local markets.
