Elphinstone, Manitoba 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 Elphinstone, Manitoba currently shows a stable environment with consistent growth. The median house price stands at $500,000, indicating a year-over-year increase of 3.5%. This suggests a healthy demand for houses in the area, reflecting consumer confidence and a strong local economy. On the other hand, the median apartment price is at $300,000, with a more modest annual appreciation of 2.1%. This slower rate of growth could indicate a larger inventory or less demand for apartments compared to houses.
Investment Opportunities and Potential
The investment landscape in Elphinstone appears promising. With a solid increase in property values across both houses and apartments, investors may find opportunities for long-term capital gains. The higher growth rate for houses compared to apartments may appeal more to those looking to invest in single-family homes. However, apartments might be an attractive option for investors seeking lower entry points into the market or diversification of their real estate portfolio. Given the population of 15,000 and an impressive growth rate of 7.1%, there’s potential for increased rental demand, which could benefit landlords and real estate investors focusing on income-generating properties.
Future Market Outlook
The future market outlook for Elphinstone is cautiously optimistic. Population growth outpaces many other regions, which could fuel housing demand and potentially lead to increased property values over time. However, investors should monitor economic indicators such as employment rates, infrastructure development, and interest rates as they can significantly influence market dynamics. If the current trends and population growth continue, Elphinstone may see sustained or even improved real estate market performance in the upcoming years.
