Cannington, Ontario Real Estate Market Data
Updated: Nov 2024
House
Median price | $525,000 |
Monthly growth | 1.5% |
Quarterly trend | 4.2% |
Stock on market | 0.7% |
Apartment
Median price | $315,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $450,000 |
3 bedrooms | $525,000 |
4 bedrooms | $650,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $260,000 |
2 bedrooms | $355,000 |
3 bedrooms | $460,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 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 in Cannington, Ontario
In Cannington, Ontario, the real estate market is currently experiencing a period of growth. The median house price stands at $525,000, which represents a year-over-year increase of 4.2%. This growth indicates a steadily appreciating housing market that is attractive for homeowners and investors alike. Similarly, the median apartment price has reached $315,000, with a slightly lower year-over-year growth rate of 2.5%. Despite this more modest increase, apartments remain an appealing option for those looking for more affordable entry points into the real estate market or downsizing opportunities.
Accompanying these pricing trends is a robust population expansion. Cannington’s population has grown by 3.3%, suggesting an increasing demand for housing driven by demographic shifts and potentially by individuals seeking lifestyle changes away from larger urban centers. This influx of new residents may continue to put upward pressure on property values and rental rates in the area.
Investment Opportunities and Potential in Cannington
Given the positive trends in housing prices and population growth, Cannington presents several investment opportunities. The steady increase in home values suggests that investing in residential property could yield significant returns over time. For those looking to enter the market, single-family homes are particularly promising due to their higher appreciation rate compared to apartments.
Moreover, with population growth outpacing national averages, there is potential for rental properties to generate stable income streams. Investors might consider acquiring properties to cater to the rental market, including both long-term rentals and vacation properties if supported by local tourism and amenities.
An additional consideration for investors is future infrastructure developments or economic initiatives that could further boost local property values and attract new residents or businesses to Cannington.
Future Market Outlook for Cannington Real Estate
The future outlook for Cannington’s real estate market appears optimistic. Continued population growth coupled with current real estate trends suggests that demand for both houses and apartments will remain strong. If these conditions persist, we can expect further increases in property valuations over the mid to long term.
However, potential investors should also remain aware of broader economic factors that could impact interest rates, borrowing costs, and overall affordability, which in turn may influence market dynamics. Additionally, tracking local development plans and zoning changes can provide insights into areas poised for heightened demand or increased supply that could affect future property values.
In conclusion, while current indicators point towards a healthy real estate environment in Cannington with promising investment opportunities, stakeholders should maintain a watchful eye on both local developments and broader economic conditions to make informed decisions.