Elginburg, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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
The real estate market in Elginburg, Ontario is currently characterized by steady growth. With a median house price of $520,000 and a year-over-year increase of 4%, the market shows signs of moderate but consistent appreciation. Similarly, apartments have seen a price trend growth of 2.5% year-over-year with a median price sitting at $315,000. These trends indicate a stable and growing housing market.
The population of Elginburg stands at 15,500 residents with a robust population growth rate of 3.3%. This demographic trend contributes to the demand for housing in the area and suggests potential for continued real estate market expansion.
Investment Opportunities and Potential
Given the current market conditions, Elginburg offers promising investment opportunities. The steady increase in property values suggests that there is ongoing demand for both houses and apartments. Investors can expect capital gains over time due to the upward trend in housing prices.
The robust population growth rate also indicates that rental properties could be a viable opportunity. As the community expands, so does the need for rental accommodation, which might lead to an increase in rental yields over time. Therefore, purchasing properties to rent could be an attractive strategy for investors seeking regular income streams.
Future Market Outlook
The future market outlook for Elginburg’s real estate is optimistic. The continuous population growth paired with the steady increase in median house and apartment prices points towards a potential ongoing rise in demand for local real estate. Assuming that economic conditions remain favorable and that infrastructure development keeps pace with population growth, Elginburg’s real estate market could continue to experience healthy growth.
Investors should consider both short-term gains from flips and renovations as well as long-term investments in rental properties to capitalize on the town’s expansion. Monitoring economic drivers such as employment rates and new business developments will be crucial to making informed investment decisions going forward.
