Cannamore, 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
1. Current Market Conditions and Trends
The real estate market in Cannamore, Ontario is currently experiencing steady growth. With a median house price of $500,000 and an appreciative trend of 3.5% year-over-year, the market is attracting both owner-occupiers and investors alike. The apartment sector is also showing positive movement with a median price point of $300,000 and an increase of 2.1% year-over-year.
The population growth in Cannamore stands at an impressive 7.1%, indicating a burgeoning local economy and increasing demand for housing. This demographic expansion supports the sustained property value appreciation seen across the board.
2. Investment Opportunities and Potential
Given the upward trajectory in house prices coupled with strong population growth, Cannamore presents significant investment opportunities. Investors can expect capital gains from both houses and apartments due to the consistent appreciation in property values.
Houses in Cannamore are particularly attractive investments with their higher year-over-year price increase compared to apartments. However, apartments offer a more accessible entry point into the market and may appeal to those seeking a lower initial investment.
The rental market should not be overlooked as the growing population suggests a potential rise in demand for rental properties. This could provide investors with an additional income stream and possibly high rental yields.
3. Future Market Outlook
The future outlook for the Cannamore real estate market remains optimistic. With a solid rate of population growth, demand for housing is likely to continue its upward trend, which may lead to further price increases for both houses and apartments.
Investors should monitor potential economic developments in the region that could impact property values, such as new infrastructure projects or changes in employment rates. Staying informed will be crucial to making sound investment decisions in this active market.
While past performance is not always indicative of future results, current indicators suggest that Cannamore’s real estate market has strong fundamentals that bode well for continued health and vitality going forward.
