Elora, 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 Elora, Ontario, reflects steady growth, with the median house price currently standing at $500,000, exhibiting a year-over-year increase of 3.5%. This moderate appreciation indicates a healthy market that is growing at a sustainable rate. The apartment sector follows a similar trend but with a slightly less aggressive growth rate of 2.1% year-over-year, with the median apartment price now at $300,000. The consistent growth in property values suggests that Elora’s real estate market is in a stable condition.
Elora’s small-town charm coupled with its proximity to larger cities like Guelph and Kitchener-Waterloo makes it an attractive location for both families and professionals. The current inventory levels and sales activities indicate a balanced market where supply and demand are in harmony. Buyers can expect reasonable competition for properties without the frenzied bidding wars seen in more volatile markets.
Investment Opportunities and Potential
Given Elora’s population growth of 7.1%, which is significantly higher than the national average, there is potential for increased demand in housing. This demographic expansion suggests that there will be a sustained need for both rental and owner-occupied housing in the near future, thus presenting lucrative opportunities for investors.
Investors looking to capitalize on Elora’s real estate market might consider purchasing residential properties to cater to the growing population. The rise in median prices for both houses and apartments implies that long-term investments could yield substantial appreciation over time. Furthermore, rental properties could benefit from the population increase as new residents may seek temporary accommodation before purchasing homes.
Future Market Outlook
The future of Elora’s real estate market looks promising based on current trends and demographic data. Considering the steady growth rates of property prices and the significant population increase, it is reasonable to anticipate continued demand for housing which should support ongoing property value appreciation.
Economic factors such as employment rates, infrastructure developments, and interest rates will also play an influential role in shaping the market outlook. If Elora continues to attract new residents through job opportunities and lifestyle offerings, the real estate market should remain buoyant.
In conclusion, careful monitoring of economic indicators combined with awareness of local developments will be essential for accurately forecasting Elora’s real estate trajectory beyond the current horizon.
