Cornwall, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $499,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| 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 | $499,000 |
| 4 bedrooms | $575,000 |
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) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Cornwall, Ontario is currently experiencing steady growth. The median house price in the region stands at $499,000, reflecting a year-over-year increase of 3.2%. This suggests a healthy demand for residential properties, with prices growing at a moderate rate.
In contrast, the apartment sector is seeing a slightly lower growth rate, with the median apartment price reaching $295,000 and marking a 2.5% year-over-year increase. This could indicate a different dynamic in the multi-family property market or potentially more significant inventory levels relative to demand.
The population of Cornwall has reached approximately 15,000 residents, showing a robust growth rate of 3.4%. Such demographic expansion is typically a positive indicator for local real estate demand, suggesting that both the rental and buyer markets could be poised for continued activity.
Investment Opportunities and Potential
The consistent rise in property values coupled with substantial population growth presents promising investment opportunities in Cornwall’s housing market. Single-family homes are appreciating at a steady pace, offering potential capital gains for investors over the medium to long term.
Apartments are also an attractive investment option due to their more affordable entry price point and the growing need for rental units driven by the increasing population. Investors may find yield opportunities in both owning rental properties and potential appreciation given the ongoing positive price trend.
Moreover, as Cornwall continues to develop economically, there may be opportunities for investment in new construction projects or renovations of existing properties to meet the evolving housing needs of its residents.
Future Market Outlook
The future real estate market outlook for Cornwall appears optimistic. Continued population growth should sustain demand for housing and help maintain upward pressure on property prices. Assuming economic conditions remain favorable and no unforeseen events disrupt market dynamics, both the house and apartment sectors are expected to continue their gradual appreciation.
With single-family homes demonstrating solid year-over-year growth and apartments following suit albeit at a slightly slower pace, investors can likely expect enduring appeal in these segments. However, monitoring economic indicators such as employment rates, inflation, and interest rates will be crucial as they can significantly influence buying power and investment returns.
In conclusion, Cornwall’s real estate market offers a balanced environment with potential for both short-term income through rentals and long-term capital gains through property value increases. Stakeholders should consider leveraging detailed local market analyses and keep abreast of regional developments to make informed investment decisions.
