Elmira, 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 (2025) | 15,000 |
| Previous Population (2020) | 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
Current Market Conditions and Trends in Elmira, Ontario
In Elmira, Ontario, the real estate market is demonstrating steady growth. With a median house price of $500,000 and an upward trend of 3.5% year-over-year, this reflects a healthy demand for single-family homes. Apartments are also experiencing appreciation, with the median price sitting at $300,000 and growing at a rate of 2.1% year-over-year. The local market is benefitting from a combination of factors that include limited inventory, a strong regional economy, and burgeoning interest from both first-time homebuyers and seasoned investors.
Elmira’s population has seen a significant increase of 7.1%, which suggests an expanding community that is likely driving up housing demand. This population growth can be a precursor to a dynamic market with sustained or increased levels of activity. The influx of residents may be attributed to Elmira’s appealing small-town charm combined with the convenience of proximity to larger urban centers like Kitchener-Waterloo.
Investment Opportunities and Potential in Elmira
The real estate investment opportunities in Elmira are promising due to the town’s steady population growth and increasing property values. Investors could potentially benefit from both capital gains over time as well as rental income streams from properties within this market. The consistent rise in housing prices indicates a stable investment environment.
For those considering entry into the rental market, Elmira’s population dynamics suggest that rental properties may be in high demand. Single-family homes present potential for long-term equity growth while apartments offer more accessible entry points for investors looking to capitalize on the lower end of the market or who prefer multi-unit residential assets.
Future Market Outlook for Elmira
The outlook for Elmira’s real estate market remains optimistic. Factors such as ongoing population growth and its resultant impact on housing demand provide a positive forecast for the continuity of current trends.
Given that both housing and apartment prices are trending upwards — albeit at modest paces — it is reasonable to expect that these trends will persist in the near term, barring any unforeseen economic disturbances.
Considering various development projects and infrastructure improvements slated for the region, Elmire stands to benefit from enhanced attractiveness to potential residents seeking quality living outside larger metropolitan areas but still within commuting distance.
Investors should keep an eye on municipal planning decisions and regional economic indicators to better understand potential shifts in market dynamics. However, based on current data points, Elmira presents as a sound market with steady growth prospects for both homeowners and investors alike.
