Finmark, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 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 Finmark, Ontario is currently experiencing stable growth, as indicated by the year-over-year increases in property values. The median house price stands at $510,000, with a growth trend of 4% from the previous year. This suggests a healthy demand for houses in the region that is driving prices upward at a moderate pace.
Similarly, the apartment market has also seen an increase, albeit at a slightly lower rate of 2.5% year-over-year, with a median price now at $295,000. The smaller increase in apartment prices compared to houses may reflect a market that caters more to first-time buyers or investors looking for lower entry points into the real estate market.
The population of Finmark currently stands at 15,500 residents and has been growing at a rate of 3.3%. This consistent population growth contributes to the ongoing demand for housing and supports the upward trend in property values.
Investment Opportunities and Potential
The steady rise in property values and sustained population growth point to robust investment opportunities in Finmark’s real estate market. Investors can capitalize on the increasing demand for housing driven by population growth. The moderate year-over-year price increases suggest that the market is less likely to experience sudden corrections or volatility, making it an attractive option for investors seeking stability.
Houses offer higher capital gains due to their stronger price growth trend; however, apartments may present an opportunity for more frequent rental turnovers and could be particularly appealing for those looking to enter the market at a lower investment point.
Future Market Outlook
The future outlook for Finmark’s real estate market remains optimistic. With a steady increase in both house and apartment prices coupled with continuous population growth, it is expected that demand will sustain or potentially increase. This bodes well for both homeowners looking to accumulate equity and investors interested in long-term capital appreciation or rental income.
However, potential investors and homeowners should stay informed about local economic developments, interest rate changes, and national housing policies that could impact market conditions. Keeping an eye on these factors will be crucial to understanding how the Finmark real estate market might evolve over time.
