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
The real estate market in Elmira, Ontario is currently experiencing a period of steady growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a stable market that is growing at a modest pace. Similarly, the median apartment price has reached $300,000 and has seen a 2.1% increase over the past year. These figures suggest that Elmira’s real estate market is on an upward trajectory, but not overheating.
Elmira’s population has witnessed significant growth, with a 7.1% increase reported recently. This population boost reflects a demand for housing and could be contributing to the steady appreciation of property values in the area. The influx of new residents may also spur further development and diversification of housing stock to meet varying needs.
Investment Opportunities and Potential
Given Elmira’s consistent population growth and moderate housing price increases, the town presents appealing investment opportunities. For investors considering long-term equity growth, purchasing residential properties could be wise due to the trend of gradual appreciation. Moreover, with the current demand for housing driven by population expansion, rental properties might yield substantial returns through stable rental income.
The market conditions are favorable for both individual investors looking to purchase single-family homes or apartments and developers interested in larger-scale projects that could cater to the growing populace.
Future Market Outlook
The future outlook for Elmira’s real estate market remains positive. Assuming the continuation of current trends—steady population growth combined with measured property value increases—there is an expectation for ongoing stable expansion in the local real estate sector. Barring any unforeseen economic events or shifts in policy that could impact housing markets, Elmira’s real estate landscape is poised for sustained growth.
Investors should keep an eye on local development plans and infrastructure improvements which can further stimulate growth and potentially lead to increased property values over time. However, it is essential for stakeholders to monitor economic indicators closely as they can affect market conditions and investment viability.
