Elgin, Manitoba 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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Elgin, Manitoba, is currently experiencing steady growth. With a median house price of $500,000, the market has seen a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes in the region. Meanwhile, the apartment sector is also witnessing growth, albeit at a slower pace, with a median apartment price of $300,000 and a year-over-year trend increasing by 2.1%. The consistent upward trajectory in these housing sectors points to a robust and stable market.
Investment Opportunities and Potential
The ongoing population growth of 3.4% in Elgin suggests that there will be continued demand for housing, making it an attractive location for investors. As the population, currently standing at 15,000, continues to rise, the need for both rental and owner-occupied properties is likely to grow. Investment opportunities may arise particularly in multi-unit residential buildings or developments aimed at first-time homebuyers who are looking to enter the market at the median price point. Furthermore, the steady appreciation rates for houses and apartments indicate potential for sustainable long-term capital gains.
Future Market Outlook
The future market outlook for Elgin appears optimistic based on current trends and demographic data. The consistent population increase coupled with moderate but stable property value appreciation suggests that Elgin’s real estate market will continue to expand. Barring any unforeseen economic shifts or policy changes that could affect housing markets broadly, investors and homeowners alike can likely expect continued growth in property values. However, as with any investment, potential buyers should perform due diligence and consider local market dynamics before proceeding.
