Elmwood, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Elmwood, Ontario, is currently experiencing stable growth. With a median house price of $500,000 and an annual appreciation rate of 3.5%, the housing sector indicates a healthy demand for single-family homes. Similarly, the apartment sector, with a median price of $300,000 and a growth trend of 2.1% year-over-year, suggests that smaller dwellings are also in steady demand. This growth can be partially attributed to Elmwood’s expanding population, which has surged by 7.1%, suggesting a strong influx of new residents and potential homebuyers.
Investment Opportunities and Potential
The consistent increase in property values in Elmwood presents robust investment opportunities. The current trends indicate that investing in residential real estate could yield positive returns due to the sustained appreciation rates. For investors looking into the housing market, the 3.5% year-over-year increase in house prices suggests that single-family homes may offer more significant capital gains in the medium to long term. Conversely, the apartment sector provides a more accessible entry point for investors at a median price point of $300,000 with a steady appreciation trend of 2.1% annually.
Future Market Outlook
Looking ahead, the future market outlook for Elmwood remains optimistic. The strong population growth rate of 7.1% implies an increasing demand for housing which may continue to drive prices upward. Assuming the continuation of current economic conditions and growth trends, both the housing and apartment sectors are poised for ongoing appreciation. Investors and homebuyers should monitor local development plans and employment rates as these factors will also play a significant role in shaping the future dynamics of Elmwood’s real estate market.
