Cambridge, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $570,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $350,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $480,000 |
| 3 bedrooms | $570,000 |
| 4 bedrooms | $680,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $300,000 |
| 2 bedrooms | $370,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,600 |
| Previous Population (2019) | 15,000 |
| Population Change | 4.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Cambridge, Ontario, is currently experiencing a steady growth in property values. The median house price stands at $570,000, reflecting a 4% increase year-over-year. This indicates a consistent demand for housing in the area. Similarly, the median apartment price has reached $350,000, with a slightly lower growth rate of 2.5% year-over-year. These trends suggest that while detached homes are in higher demand, the market for apartments is also appreciating but at a more modest pace.
The population of Cambridge has seen significant growth of 4%, which is likely contributing to the sustained demand for housing. This demographic trend tends to put upward pressure on property prices due to increased competition for available homes.
Investment Opportunities and Potential
Investors looking to enter the Cambridge real estate market may find opportunities in both the detached housing and apartment sectors. Given the steady increase in median prices for houses and apartments, investments hold potential for capital appreciation over time. Furthermore, with the population growing at a healthy rate of 4%, rental properties could also represent a viable investment strategy as demand for rental units is expected to rise alongside population growth.
Investors should consider targeting areas within Cambridge that have shown particularly strong growth or where new developments are planned, as these may offer higher-than-average returns. Additionally, given the current growth trends, long-term investment horizons are advisable to maximize potential appreciation.
Future Market Outlook
The future outlook for Cambridge’s real estate market remains optimistic based on current trends and demographic indicators. Continued population growth is expected to drive demand for housing, thereby potentially sustaining or even increasing the pace of price appreciation observed over the past year.
However, it’s important to note that external economic factors such as interest rates, employment rates, and broader economic conditions can influence local market dynamics. Investors should keep informed about regional economic developments when considering their investment strategies.
In summary, Cambridge presents itself as an attractive market for real estate investment with its positive population trend and consistent property value appreciation. Caution and thorough market analysis are always recommended to make informed decisions suited to individual investment goals.
