Cormorant, Manitoba 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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $325,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,200 |
| Population Change | 5.6% |
| Total Private Dwellings | 6,000 |
| 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 Cormorant, Manitoba is currently experiencing steady growth. With a median house price of $500,000, there has been a year-over-year increase of 3.5%. This indicates a healthy upward trend that reflects both demand and economic stability in the region. Meanwhile, the apartment sector shows a median price of $300,000 with a slower growth rate of 2.1% over the past year. This difference in growth rates may suggest that houses are in higher demand than apartments, or potentially offer better value for buyers in Cormorant’s real estate market.
The population of Cormorant stands at 15,000 and has seen a significant growth rate of 5.6%. Such demographic expansion can be linked to the town’s housing demand and contributes to the robustness of the real estate market. This population increase could be due to various factors such as new job opportunities, an attractive lifestyle proposition or effective municipal policies drawing people to the area.
Investment Opportunities and Potential
Investors considering Cormorant will find opportunities particularly within the housing market where prices are climbing at a steady pace. Long-term investments in this segment appear promising given the consistent year-over-year growth. Rental properties could also benefit from the population surge, as new residents may look for temporary accommodation before purchasing homes. The slower growth in apartment prices may present an opening for investors to enter the market while it is less competitive than the housing sector.
Additionally, with population growth surpassing national averages, demand for both residential and commercial properties is likely to rise. Investors might explore developments that cater to this demographic change such as family-friendly residential complexes or mixed-use developments that combine retail, office, and residential spaces.
Future Market Outlook
The future outlook for Cormorant’s real estate market appears optimistic. If current trends continue with steady price increases and robust population growth, the market should remain buoyant. The sustained rise in house prices points towards ongoing desirability for single-family homes which could bolster confidence among sellers and developers.
However, potential investors and homebuyers should monitor factors such as interest rates, employment rates, and regional economic health which can affect affordability and influence market dynamics. A continued influx of residents will likely maintain pressure on both rental and sale markets, suggesting that prudent investments made today could yield favorable returns moving forward.
Overall, Cormorant’s real estate market presents a balanced mix of opportunity and stability for both investors and homebuyers alike. By keeping informed on local economic policies and infrastructure developments, stakeholders can make well-founded decisions in this growing Manitoban community.
