Cornwallis, 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 | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Cornwallis, Manitoba is currently experiencing steady growth. With a median house price of $500,000, the year-over-year increase stands at 3.5%, signaling healthy demand and a robust market for single-family homes. Similarly, the median apartment price has reached $300,000, with a slower but still positive year-over-year growth of 2.1%. This differentiated growth pattern suggests that houses are in higher demand relative to apartments, which may be indicative of demographic trends favoring more space or indicative of investment patterns in the region.
The population of Cornwallis is currently around 15,000 with an impressive growth rate of 7.1%. This influx of residents is likely contributing to the upward pressure on housing prices due to increased demand. Local economic factors, infrastructure developments, and community services might also be playing a role in attracting new residents and supporting the real estate market’s vibrancy.
Investment Opportunities and Potential
Given the population growth and positive price trends, Cornwallis presents notable investment opportunities. The steady rise in house prices suggests that investing in residential real estate could yield appreciable returns. The relatively higher price appreciation for houses compared to apartments points towards a possibly greater potential for return on investment in single-family homes over multi-family units or apartments.
For investors looking at rental markets or seeking more modest investments, apartments might represent an opportunity to enter the market at a lower price point while still benefiting from general market growth. Additionally, given demographic trends and an increasing population, there may be untapped potential in developing new housing projects or renovating existing properties to cater to incoming residents.
Future Market Outlook
The future outlook for Cornwallis’s real estate market remains optimistic given current trends and underlying drivers such as population growth. If the local economy continues to expand and attract newcomers, it is reasonable to expect that both house and apartment prices will continue their upward trajectory.
However, potential investors should also consider broader economic factors such as interest rate changes, employment rates in key industries, and regional development plans which can affect property values. Furthermore, as with any investment decision involving real estate, it is essential to stay informed about local zoning laws, taxation policies, and any future urban planning initiatives that may impact property valuations in Cornwallis.
