Cranbrook, Ontario 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 Cranbrook, Ontario, is currently experiencing steady growth. With a median house price of $500,000 and an annual appreciation rate of 3.5%, the market shows healthy activity. This trend is slightly more moderate in the apartment sector, where the median price stands at $300,000 with a year-over-year increase of 2.1%. The sustained growth can be attributed to Cranbrook’s expanding population, which has recently surged by 7.1%, indicating a robust demand for housing in the region.
Investment Opportunities and Potential
The data indicates that Cranbrook presents promising investment opportunities. Given the consistent upward trajectory in property values, investors could benefit from capital gains over time. Moreover, with the population growth outpacing national averages, there is potential for both rental and resale markets to expand. Investment in single-family homes appears particularly attractive given their higher appreciation rate compared to apartments. However, apartments should not be overlooked as they offer a more accessible entry point into the real estate market and may cater to individuals or smaller households moving into the area.
Future Market Outlook
The future of Cranbrook’s real estate market looks optimistic based on current indicators. Population growth continues to fuel demand for housing, and if this trend persists, it is reasonable to anticipate further property value increases and sustained investor interest. The steady economic conditions and increasing desirability of smaller urban centers like Cranbrook contribute to a positive long-term outlook for the region’s real estate market.
