Cumberland, 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
1. Current Market Conditions and Trends
The Cumberland, Ontario real estate market is currently experiencing a steady growth in property values. The median house price in the area is $500,000, showing a year-over-year increase of 3.5%. This trend suggests a healthy demand for single-family homes and a competitive market for potential buyers.
Similarly, the apartment sector has seen a positive growth trajectory with the median apartment price at $300,000, which represents a more modest year-over-year increase of 2.1%. This slower rate of growth compared to houses may indicate a higher availability of apartments or a preference among residents and investors for detached homes.
The population of Cumberland stands at approximately 15,000 individuals, with an impressive population growth rate of 7.1%. The substantial population increase is likely contributing to the rising demand for housing across both segments of the market.
2. Investment Opportunities and Potential
The current upward trend in property values along with significant population growth presents attractive investment opportunities within the Cumberland real estate market. Investors may find potential in purchasing residential properties for long-term appreciation or rental income. Given that the house prices are increasing at a slightly faster pace than apartments, investing in single-family homes could offer better capital gains over time.
In addition to residential properties, there may also be opportunities for developing or investing in multi-family dwellings or apartment blocks to cater to the growing population who may prefer more affordable or flexible living arrangements.
3. Future Market Outlook
Considering the ongoing positive trends in price growth and robust population expansion, Cumberland’s real estate market outlook appears optimistic. As long as economic conditions remain favorable and infrastructure development keeps pace with population growth, it is reasonable to expect continued appreciation in property values.
However, potential investors should also be mindful of broader economic factors that could affect interest rates and borrowing costs. Monitoring local development plans and demographic shifts will be crucial in identifying sustainable investment opportunities that align with future housing demand trends in Cumberland.
