Drumbo, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 real estate market in Drumbo, Ontario, has been exhibiting steady growth with the median house price currently standing at $500,000, reflecting a year-over-year increase of 3.5%. This increment indicates a healthy demand for housing in the area. Similarly, apartments are also experiencing growth, albeit at a slightly slower pace, with the median price at $300,000 and an annual appreciation of 2.1%. These trends suggest that Drumbo’s real estate market is on a positive trajectory, which can be attributed to the region’s growing population, now at 15,000 residents, and a significant population growth rate of 7.1%. The synergy of increasing property values alongside population growth indicates an active market with continuous demand.
2. Investment Opportunities and Potential
The consistent appreciation in property values presents promising investment opportunities within Drumbo’s real estate market. With housing prices experiencing a more robust growth rate than apartments, investors might find greater potential in single-family homes or larger residential properties that cater to families looking to settle in the region. The influx of new residents due to the impressive population growth rate suggests that there will be ongoing demand for housing. Investors should consider both long-term capital gains from property value appreciation and the potential for rental income given the expanding local population base.
3. Future Market Outlook
Looking ahead, the market outlook for Drumbo appears optimistic. The current trends indicate sustained growth in property values and consistent consumer demand driven by population expansion. Assuming these conditions persist, we can expect further increases in median house prices and apartment values over time. However, investors should monitor local economic factors and development initiatives that could influence market dynamics. Factors such as employment rates, infrastructure improvements, and changes in mortgage rates could play pivotal roles in shaping the future landscape of Drumbo’s real estate market.
