Elphin, 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 Elphin, Ontario is currently characterized by steady growth. With a median house price of $500,000 and an annual appreciation rate of 3.5%, the market is showing healthy expansion. Similarly, the median apartment price stands at $300,000, with a slightly lower but stable growth rate of 2.1% year-over-year. This suggests a consistent demand in both segments of the housing market.
The population of Elphin has experienced significant growth, with an increase of 7.1%. This demographic trend is likely contributing to the sustained demand for housing in the area, as more people seek residences whether for owning or renting. The data indicates that the market conditions are favorable for continued investment due to these positive trends.
Investment Opportunities and Potential
The growth in Elphin’s real estate market suggests multiple opportunities for investors. The steady increase in property values indicates a market with potential for capital gains over time. Investment in single-family homes could be particularly promising given the higher growth rate in this segment.
Apartments also present an attractive investment opportunity due to their lower entry price point and solid year-over-year growth. Investors could benefit from both rental income and property value appreciation, especially considering the influx of new residents seeking housing options.
Given Elphin’s population surge, there may be an undersupply of housing if current trends continue. Investors could capitalize on this by developing new residential units or renovating existing properties to cater to the growing demand.
Future Market Outlook
The future outlook for Elphin’s real estate market remains optimistic based on current trends and data. Population growth is likely to drive demand for housing further, supporting both property values and rental rates.
If economic conditions remain stable and supportive, we can anticipate that the steady appreciation rates observed for houses and apartments will persist. However, potential investors should monitor local economic drivers such as employment rates and infrastructure developments which can impact the real estate dynamics significantly.
In conclusion, Elphin offers promising investment prospects grounded in positive market performance and demographic trends. As always, individual due diligence is recommended when evaluating specific investment decisions within the market.
