Cardinal, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,100 |
| Previous Population (2019) | 14,800 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,100 |
| 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 Cardinal, Ontario, currently presents a stable environment with moderate growth. With a median house price of $485,000, the market has experienced a year-over-year increase of 2.8%. This indicates a consistent upward trend in property values, suggesting that Cardinal’s real estate is maintaining its appeal among buyers.
In contrast, the median apartment price stands at $295,000, with a slightly lower year-over-year growth rate of 1.9%. This slower pace may reflect a more saturated market for apartments or potentially less demand compared to houses. Nonetheless, the positive growth trajectory indicates a healthy market overall.
The population of Cardinal has grown by 2% to reach 15,100 residents. This increase in population is likely contributing to the steady demand for housing in the area and may be partially responsible for the uptick in property values.
Investment Opportunities and Potential
Investors considering the Cardinal real estate market may find opportunities particularly in the single-family home sector. The 2.8% annual increase in median house prices suggests that homes are appreciating at a rate that could offer returns on investment through both rental income and capital gains.
Apartment units also present an investment potential given their lower median price point and positive price trend. Investors focusing on rental income might benefit from targeting this segment of the market, especially if they cater to demographics driving population growth, such as young professionals or small families.
In addition to residential properties, investors should also evaluate local economic drivers and development plans that could influence future property values. Diversification into commercial real estate could be another avenue worth exploring within Cardinal’s growing community.
Future Market Outlook
The future outlook for Cardinal’s real estate market appears cautiously optimistic. Continued population growth at a steady rate of 2% should sustain demand for housing. As long as economic conditions remain favorable and interest rates are stable, this demand could support further growth in property values.
However, investors and potential homeowners should monitor local economic developments and broader national trends that could impact the real estate landscape. Factors such as employment rates, infrastructure projects, and changes to mortgage regulations can all influence future market conditions in Cardinal.
Given current trends and barring unforeseen economic shifts, the market is poised for continued modest growth. Stakeholders would do well to keep abreast of regional developments while considering long-term strategies that align with evolving market dynamics.
