Espanola, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $605,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.4 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Espanola, Ontario is currently experiencing a period of steady growth. With a median house price of $495,000, the market has seen a 3.2% increase year-over-year. This suggests a stable demand for housing and a consistent upward trend in property values. The median apartment price is also on the rise at $295,000, marking a 2% growth year-over-year. This moderate growth can be attributed to the balance between supply and demand in the local real estate market.
Investment Opportunities and Potential
Espanola’s growing population, which has seen a 3.4% increase, indicates potential for further development and investment in the housing sector. The steady increase in property values presents an opportunity for investors to capitalize on both residential and rental markets. Apartments, with their lower entry price point and steady appreciation rate, offer an attractive option for those looking to invest in rental properties or affordable housing units.
Future Market Outlook
The future outlook for Espanola’s real estate market appears optimistic. With population growth surpassing 3%, there is an implied increase in demand for housing that may continue to push property values upward. Given the current trends, investors can reasonably expect continued growth in the medium term, with single-family homes likely remaining a strong investment due to their higher appreciation rate compared to apartments. However, as with any investment, potential changes in economic conditions and local policies should be monitored closely as they can affect market dynamics.
