Canfield, 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 Canfield, Ontario, is currently characterized by steady growth. With a median house price of $500,000, the market has experienced a year-over-year increase of 3.5%. This indicates a healthy upward trend that reflects moderate demand in the housing sector.
Apartments in Canfield show a slightly lower growth rate, with a median price of $300,000 and an annual appreciation trend of 2.1%. This difference in growth rates suggests that single-family homes may be more in demand compared to apartments, but both sectors are growing nonetheless.
The population of Canfield stands at 15,000 residents with a notable population growth rate of 7.1%. This significant increase in residents is likely contributing to the demand for housing and can be indicative of an expanding local economy.
Investment Opportunities and Potential
The consistent appreciation in property values coupled with robust population growth presents attractive investment opportunities in Canfield. The stronger performance of the single-family home market suggests that investors might find greater potential in this segment for capital gains.
However, the steady growth observed in apartment prices also points to opportunities for those interested in investing in properties that cater to smaller households or rental markets. Given current trends, real estate investments in Canfield appear poised for ongoing positive returns.
Future Market Outlook
Moving forward, the real estate market outlook for Canfield is cautiously optimistic. The sustained rise in property values across both houses and apartments is likely to continue as long as the population maintains its growth trajectory.
The alignment between property value growth and population increase suggests a balanced market expansion without signs of overheating. Investors and prospective homeowners can expect a stable environment for real estate acquisition and value appreciation in the foreseeable future.
In conclusion, Canfield’s real estate market appears healthy and offers promising opportunities for investment and homeownership. As always, potential buyers and investors should consider their own financial situations and consult with professionals before making any real estate decisions.
