Faraday, 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 Faraday, Ontario is currently experiencing a period of steady growth. The median house price in the area stands at $500,000, representing a year-over-year increase of 3.5%. This trend indicates a healthy demand for single-family homes and suggests that the market is accommodating slight price inflation without deterring potential buyers.
In contrast, the median apartment price is currently $300,000, with a more modest year-over-year increase of 2.1%. This slower rate of growth in the apartment sector may reflect a market that favors more spacious living accommodations or possibly an oversupply of apartment-style housing units.
The population of Faraday has reached 15,000 residents and has seen a significant growth of 7.1%. This demographic expansion is likely contributing to the demand for housing, fueling both the house and apartment markets.
Investment Opportunities and Potential
The consistent growth in housing prices coupled with a robust population increase points to substantial investment opportunities in Faraday’s real estate market. Investments in single-family homes appear particularly promising given their higher appreciation rate. The current market conditions suggest that purchasing property in Faraday could yield considerable returns over time as demand continues to be driven by population growth.
Apartments present a slightly different opportunity; investors may find potential in targeting this segment for rental income. Given the smaller year-over-year price increase for apartments, investors might negotiate better purchase deals and capitalize on the area’s population growth to secure long-term tenants.
Future Market Outlook
The future outlook for Faraday’s real estate market appears optimistic. Assuming the continuation of current economic conditions and population trends, we can anticipate ongoing moderate growth in property values. The 3.5% increase in median house prices suggests that the housing market is likely to maintain its upward trajectory, although potentially at a cautious pace to prevent affordability issues.
The strong population growth rate provides a solid foundation for sustained demand, which should underpin the real estate market’s stability. However, investors should remain vigilant about economic indicators and changes in local policies that could affect market dynamics.
In summary, Faraday presents as a balanced and growing market with appealing prospects for both homebuyers and investors. The key will be to monitor trends closely to make informed decisions that align with both short-term gains and long-term growth strategies.
