Elfrida, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.9% |
| Stock on market | 0.6% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $475,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Elfrida, Ontario, the real estate market is currently exhibiting steady growth. With a median house price of $525,000, there has been a year-over-year increase of 2.9%, signaling a healthy and appreciating housing market. The median apartment price stands at $315,000, which has seen a more modest growth of 1.5% year-over-year. These trends suggest that while the market for houses is more dynamic, the apartment sector is also growing but at a slower pace.
The population in Elfrida has reached approximately 15,500 residents, with a notable growth rate of 3.3%. This demographic trend indicates a growing demand for housing and can be associated with the positive movement in property values. Market conditions are currently favorable for sellers due to the increase in demand coupled with appreciating property prices.
Investment Opportunities and Potential
The ongoing appreciation in property values presents attractive investment opportunities in Elfrida’s real estate market. Investors stand to benefit from capital gains due to the positive house price trend observed over the past year. Given the steady population growth, demand for rental properties is likely to remain high, suggesting that income-generating investments such as rental apartments or houses could yield consistent returns.
The slower growth rate in apartment prices compared to houses indicates that there may be an opportunity to enter this market segment at a more accessible point. Investors looking to diversify their portfolios might consider acquiring apartments to cater to different segments within the rental market.
Future Market Outlook
The future outlook for Elfrida’s real estate market appears promising based on current trends and demographic data. Assuming that the population continues to grow at the current rate or higher, demand for housing will likely sustain or increase, potentially leading to continued appreciation in property values.
However, investors should remain vigilant of broader economic factors that could affect interest rates and borrowing costs, which in turn could influence buyer activity and market liquidity. A proactive approach towards understanding local development plans and infrastructure projects could also provide insights into areas poised for further growth or transformation within Elfrida.
In conclusion, while current trends point towards a robust real estate market in Elfrida with good investment potential, careful analysis and consideration of future economic conditions will be crucial for long-term success.
