Cranbrook, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $498,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $390,000 |
| 3 bedrooms | $498,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Cranbrook, Ontario is currently experiencing moderate growth. With a median house price sitting at $498,000, the market has seen a year-over-year increase of 3.3%. Similarly, apartments have seen a more modest growth rate, with the median apartment price now at $295,000 and a 2% year-over-year uptick. These trends suggest a steadily growing market that is attracting interest from both homebuyers and investors.
Alongside price trends, the population of Cranbrook has also grown by 3.3%, which may contribute to an increased demand for housing. This demographic shift indicates potential for further expansion in the real estate sector as new residents seek homes.
2. Investment Opportunities and Potential
The consistent growth in property values alongside population increases suggests that Cranbrook offers promising investment opportunities. Stable price appreciation of houses presents an attractive scenario for long-term real estate investors looking to capitalize on capital gains.
Affordability remains a key selling point for Cranbrook’s apartments when compared to larger Canadian markets, making them an appealing option for first-time buyers or investors seeking rental properties. The current apartment price trend hints at a more gradual but stable investment potential.
3. Future Market Outlook
Assuming current trends continue, Cranbrook’s real estate market outlook appears positive. The ongoing population growth is likely to sustain demand for housing, potentially leading to tighter inventory and upward pressure on prices if supply does not keep pace.
Investors should be mindful of national economic factors that could influence mortgage rates and affordability, as well as any local developments that might impact the desirability of living in Cranbrook. Nevertheless, given the area’s current growth trajectory and manageable price points, the market could maintain its appeal to both residents and investors looking towards future gains.
