Cormorant, Manitoba Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
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 Cormorant, Manitoba
The real estate market in Cormorant, Manitoba, exhibits steady growth, characterized by a moderate increase in property values. The median house price in the region stands at $485,000, reflecting a year-over-year appreciation of 4%. This increment suggests a healthy demand for single-family homes, potentially driven by favorable local economic conditions and demographic factors.
In contrast, the median apartment price is currently $295,000 with a slower growth rate of 2.5% year-over-year. The more modest increase in apartment prices may indicate a surplus of inventory or a demographic preference towards houses. However, it’s important to note that apartments are still gaining value, pointing to an overall positive trajectory for the real estate market.
Moreover, Cormorant’s population has expanded by 3.3%, showcasing the area’s attractiveness and potential for further real estate demand. This growth can contribute to a continued upward pressure on property prices if the housing supply does not keep pace with increasing demand.
Investment Opportunities and Potential in Cormorant
Cormorant presents promising investment opportunities for both residential properties and rental units. Given the solid growth in median house prices and the significant population increase, investors could expect robust capital gains from property investments over time. Single-family homes might be particularly appealing due to their higher appreciation rates.
The slower growth rate for apartments suggests there may be opportunities to acquire these properties at more competitive prices. Investors focusing on rental income could benefit from targeting apartments due to their affordability and appeal to certain segments of the population such as young professionals or smaller families.
Additionally, Cormorant’s demographic growth signals a prospective rise in demand for housing which could stimulate both the resale market and rental sector. Investors should monitor local development plans and zoning changes as these could impact future property values and investment potential.
Future Market Outlook for Cormorant
The outlook for Cormorant’s real estate market remains positive with expectations of sustained growth. The consistent climb in median house prices coupled with steady population expansion sets a foundation for ongoing market health. Assuming that economic conditions remain stable and no significant changes occur in interest rates or housing policies, Cormorant is likely to experience continued appreciation of property values.
However, it is crucial for investors and homebuyers to consider potential risks such as economic downturns or shifts in migration patterns which could affect market dynamics. It is also advisable to keep an eye on new housing developments that could alter supply levels and influence future price movements.
In summary, while current trends point towards a flourishing market with ample investment opportunities, stakeholders should maintain a watchful eye on external factors that could impact long-term market stability and growth prospects in Cormorant.
