Castlemore, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,200,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
Apartment
| Median price | $750,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 0.9% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $950,000 |
| 3 bedrooms | $1,150,000 |
| 4 bedrooms | $1,350,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $650,000 |
| 2 bedrooms | $720,000 |
| 3 bedrooms | $800,000 |
Demographics
| Current Population (2024) | 16,000 |
| Previous Population (2019) | 15,500 |
| Population Change | 3.2% |
| Total Private Dwellings | 7,000 |
| Occupied Private Dwellings | 6,500 |
| Population Density (per km²) | 1.8 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Castlemore, Ontario is currently experiencing steady growth. With a median house price sitting at $1,200,000, the market has seen a year-over-year increase of 4%. This indicates a healthy demand for single-family homes within the region. Similarly, apartments are also appreciating, albeit at a slightly slower pace, with a median price of $750,000 and a growth trend of 2.5% year-over-year.
The population of Castlemore has been growing at a rate of 3.2%, which is above average and can be seen as a contributing factor to the demand for housing. This influx of residents could be due to several factors including employment opportunities, lifestyle preferences, or Castlemore’s proximity to larger urban centers. The sustained population growth signifies potential for continued demand in the housing market.
2. Investment Opportunities and Potential
Considering the positive trends in home prices and population growth, Castlemore presents several appealing investment opportunities. Investors can expect capital appreciation in both houses and apartments due to the consistent upward trajectory of property values. The stronger growth in house prices suggests that single-family homes might offer more significant returns over time.
Apartments also present an opportunity for investors seeking lower entry points into the property market or those looking to provide rental units. With the increasing population, rental demand is likely to remain strong, potentially leading to favorable rental yields.
3. Future Market Outlook
The future outlook for Castlemore’s real estate market remains optimistic based on current data and trends. As long as the area continues to attract new residents and maintain its economic stability, housing demand should stay robust. The steady price increases for both houses and apartments reflect a market that is well-positioned for ongoing growth.
However, investors should monitor economic indicators such as employment rates, infrastructure development, and interest rate changes closely as these factors can influence market dynamics significantly. Long-term investment strategies may benefit from focusing on areas within Castlemore that are slated for development or rejuvenation projects which could amplify property value increases over time.
In conclusion, with mindful consideration of broader economic signals and careful property selection, investments in Castlemore’s real estate market could prove fruitful under current conditions and well into the future.
