Elfrida, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.8% |
| Stock on market | 1.1% |
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 | $425,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| 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 Elfrida, Ontario currently presents a stable and moderately appreciating housing environment. The median house price stands at $485,000, which has shown an encouraging year-over-year growth of 3%. This indicates a healthy demand for housing, likely driven by the area’s amenities and quality of life, which appeals to families and professionals alike.
Similarly, the median apartment price is listed at $295,000, with a slightly lower yet positive growth trend of 1.8% year-over-year. This growth in the apartment sector suggests an increasing interest for more affordable and low-maintenance living spaces, which could be attributed to first-time homebuyers or downsizing individuals.
2. Investment Opportunities and Potential
The real estate landscape in Elfrida offers diverse investment opportunities. Given the steady rise in property values coupled with the town’s population growth rate of 3.3%, investors can anticipate continued demand for residential properties. The current trends suggest that investing in both single-family homes and apartments could yield favorable returns due to the sustained appreciation rates.
For investors looking to enter the rental market or expand their portfolios, Elfrida’s growing population—which now stands at approximately 15,500 residents—indicates a potential increase in rental demand. This is particularly relevant as newcomers to the area may seek rental accommodations before transitioning into homeownership.
3. Future Market Outlook
The future market outlook for Elfrida remains optimistic. With a steady population growth rate, there is an inherent implication of continued demand for housing. This demographic trend, combined with current economic conditions, points towards a sustainable growth trajectory for property values over time.
In light of the consistent appreciation in house and apartment prices, it is reasonable to predict that the market will maintain its upward trend in the foreseeable future. Investors and homeowners can likely expect a robust real estate market with ongoing opportunities for asset appreciation and investment return.
