Byron, 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 Byron, Ontario, the real estate market has exhibited consistent growth, as evidenced by the median house price which currently stands at $500,000. This figure represents a year-over-year increase of 3.5%, indicating a stable and upward trend in the housing sector. Apartments in Byron are also experiencing a positive trajectory with the median price set at $300,000 and an annual appreciation of 2.1%. These trends denote a healthy demand for residential properties in Byron.
Byron’s population has seen significant growth, with an uptick of 7.1%. This demographic expansion suggests increasing demand for housing and can be a driving factor for further property value appreciation. As such, both the housing and apartment markets are benefitting from a robust economic climate that is conducive to steady price growth.
Investment Opportunities and Potential
Given the current market dynamics, Byron presents multiple investment opportunities. The steadfast increase in property values coupled with substantial population growth positions the town as an attractive destination for real estate investors. Single-family homes, given their higher year-over-year price increase, may offer more substantial capital gains for long-term investments.
Apartments in Byron also pose an attractive entry point for investors looking at smaller-scale investments or those interested in rental properties. With population growth outpacing national averages, there is potential for increased rental demand, which could drive up rental yields over time.
Investors should also consider the broader economic indicators and infrastructure developments within Byron and surrounding areas that could influence future property values and rental market dynamics.
Future Market Outlook
The outlook for Byron’s real estate market remains optimistic. The sustained increase in property values indicates a well-founded confidence in the local market’s stability. Given the steady population growth rate of 7.1%, it is reasonable to project continued demand for housing which may lead to further appreciation in property prices.
The ongoing development within Byron’s economy and infrastructure is likely to bolster this positive trend, further enhancing its appeal to both residents and investors. However, potential investors should remain vigilant about changes in interest rates, national economic policies, and local market conditions that could impact future market performance.
In conclusion, Byron’s real estate market presents strong fundamentals with healthy growth signals across various sectors—making it an appealing option for both first-time homebuyers and seasoned investors looking to capitalize on its upward trajectory.
