Cornwall, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The current real estate market in Cornwall, Ontario, is displaying a steady growth pattern. The median house price stands at $495,000, with a year-over-year increase of 3%. This suggests a stable market that is growing at a moderate pace. The median apartment price is currently $295,000, showing a slightly lower year-over-year growth rate of 2.5%. Such trends point towards a balanced market that could be favorable for both buyers and sellers.
The population of Cornwall has reached approximately 15,000 residents, with a noteworthy population growth rate of 3.4%. This increase in population is likely contributing to the demand for housing and can be indicative of the market’s potential to sustain growth over time.
Investment Opportunities and Potential
Given the steady price appreciation and significant population growth, Cornwall presents itself as an attractive location for real estate investment. The consistent rise in property values offers investors the potential for capital gains over the longer term. Additionally, the increased demand for housing from the growing population may lead to opportunities in rental properties, particularly for apartments which are currently priced more accessibly at a median of $295,000.
Investors should also consider the relatively low entry point into the market compared to larger urban areas. With reasonable prices, there is potential for first-time investors to enter the market or for seasoned investors to expand their portfolios.
Future Market Outlook
The future outlook for Cornwall’s real estate market remains optimistic. The consistent upward trend in housing prices combined with robust population growth implies that there will be continued demand for housing. Assuming that economic conditions remain favorable and no significant external shocks affect the market, Cornwall is poised for ongoing steady growth.
In summary, while no market is without risk, current indicators suggest that Cornwall offers promising opportunities for both residential homebuyers and real estate investors looking at mid to long-term horizons.
