Cannamore, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $475,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Cannamore, Ontario, is currently experiencing steady growth. The median house price stands at $525,000, reflecting a year-over-year increase of 4.2%. This indicates a healthy demand for residential properties and a competitive market environment for homebuyers. In contrast, apartments are slightly more accessible, with a median price of $310,000 and a more modest annual appreciation rate of 2.8%.
The population of Cannamore is approximately 15,500 residents, which has grown by 3.3% recently. This demographic expansion contributes to the rising demand for housing in the region and can be seen as a driving factor behind the current real estate trends.
Investment Opportunities and Potential
For investors considering the Cannamore real estate market, the robust year-over-year growth rates present promising opportunities. Single-family homes show a stronger appreciation trend and may offer higher potential returns on investment due to their greater price increase pace. On the other hand, apartments offer a more affordable entry point into the market and may appeal to investors looking for lower initial investment requirements.
The population growth suggests that rental properties could also be an attractive option, as new residents may seek temporary housing solutions before purchasing homes. Investors should consider areas close to amenities, transportation links, and employment centers to maximize rental demand.
Future Market Outlook
The future outlook for Cannamore’s real estate market appears optimistic. Assuming that current trends continue, we can expect ongoing growth in property values driven by sustained population increases and economic stability within the region. The steady appreciation of houses and apartments implies that both forms of property will remain attractive to buyers and investors alike.
However, potential investors should monitor economic indicators such as employment rates, interest rates, and regional development plans that could influence future market dynamics. Staying informed will be crucial for making strategic investment decisions in Cannamore’s evolving real estate landscape.
