Corunna, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
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 | $335,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Corunna, Ontario, is currently experiencing a period of steady growth. The median house price stands at $485,000, which reflects a year-over-year increase of 4%. This incremental growth signifies a healthy market that is expanding at a sustainable pace. Similarly, the median apartment price has risen to $295,000, marking a 2.5% year-over-year increase.
With a population of approximately 15,000 residents and a robust population growth rate of 3.4%, Corunna’s housing demand is likely to continue its upward trajectory, driven by both local population growth and external migration into the area. The positive population trend suggests an increasing need for housing and services, which can be seen as encouraging for investors and homeowners alike.
Investment Opportunities and Potential
The current trajectory of the Corunna real estate market presents various investment opportunities. The modest but consistent appreciation in property values indicates that investments made now could lead to solid capital gains in the medium to long term. The rising median prices suggest a strong potential for both rental and resale markets.
Investors looking to capitalize on the rental market will find that the growing population may lead to a higher demand for rental properties, potentially resulting in favorable rental yields. Furthermore, the area’s economic stability and continuous influx of residents signify that real estate investments hold potential for consistent cash flow and lower vacancy rates.
Future Market Outlook
The outlook for Corunna’s real estate market remains optimistic. Given the steady growth in property prices coupled with ongoing population expansion, it is reasonable to expect that the demand for housing will persist. This sustained demand will likely support further property value appreciation over time.
In addition to residential real estate, commercial developments could also see an uptick as businesses seek to cater to the growing local consumer base. Investors should monitor infrastructure developments and municipal planning initiatives closely as these factors can significantly impact future property values and investment returns.
To conclude, while no investment is without risk, Corunna’s real estate market demonstrates promising signs for both short-term stability and long-term growth. Prospective buyers and investors should conduct their due diligence while considering these positive market dynamics within their strategies.
