Faraday, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Faraday, Ontario currently exhibits steady growth. With a median house price of $525,000, the market has seen a respectable increase of 4% year-over-year. This suggests a healthy demand for housing in the area, reflective of both local economic conditions and broader provincial trends.
Similarly, the market for apartments is also on an upward trend. A median apartment price of $310,000 and an annual growth rate of 2.5% indicate a growing interest in more affordable and versatile living spaces. This is particularly relevant for first-time homebuyers and investors looking for rental properties.
The population growth stands at a robust 3.3%, with the current population being approximately 15,500. This suggests that Faraday is attracting new residents at a rate above national averages, likely contributing to the demand for housing and bolstering the local real estate market.
Investment Opportunities and Potential
The consistent increase in property values alongside population growth points to strong investment opportunities in Faraday’s real estate market. Single-family homes, with their 4% appreciation rate, are particularly attractive as they offer the potential for both capital gains and rental income. The steady market growth provides investors with confidence in the security of their investments over time.
Apartments present a different kind of investment opportunity given their lower entry price point and slightly more modest appreciation rate of 2.5%. They may be particularly appealing to those looking to cater to smaller households or individuals drawn by Faraday’s growing economy or lifestyle offerings.
In addition, the ongoing population increase creates a continual demand for new housing developments. Developers and investors could benefit from engaging in projects that address the growing need for residential spaces tailored to varying demographics and preferences.
Future Market Outlook
The future outlook for Faraday’s real estate market appears positive. Given current trends, we can anticipate continued growth in both house and apartment prices but at sustainable rates that should prevent overheating of the market.
The persistent population expansion indicates that demand will remain strong; however, it will be important for supply to keep pace to maintain market equilibrium. Continued investment in residential construction will be key to sustaining Faraday’s real estate market health.
Careful monitoring of economic factors at both provincial and national levels will be essential as these can significantly impact local real estate dynamics. Overall, Faraday offers promising opportunities for investors and homeowners alike, backed by solid growth indicators and a vibrant community profile.
