Florence, 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 (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 Florence, Ontario is currently experiencing a phase of steady growth. With a median house price of $500,000, the market has witnessed a year-over-year increase of 3.5%. This rate of appreciation indicates a healthy demand for housing that is likely being driven by favorable economic conditions and the attractiveness of the area.
Parallelly, the median apartment price stands at $300,000, showing a more modest year-over-year growth of 2.1%. This difference in growth rates suggests that while the apartment market is growing, it is doing so at a slower pace compared to houses. This can be attributed to buyer preferences inclined towards more spacious living accommodations or investment opportunities in single-family homes.
With a population of 15,000 people that has risen by 7.1%, Florence is on an upward trajectory in terms of population growth. This increase is likely fueling housing demand and contributes to the robustness of the real estate market.
Investment Opportunities and Potential
As an emerging market with consistent growth in both population and property values, Florence presents attractive investment opportunities. The steady increase in median house prices suggests room for capital gains for those investing in residential properties. Moreover, the growing population underpins a strong rental market potential, especially for investors focusing on apartments which could cater to smaller households or individuals.
The modest yet positive growth trend in apartment prices can appeal to investors seeking more affordable entry points into the real estate market with reasonable expectations for appreciation and rental income. Furthermore, the differential between house and apartment price trends may indicate an opportunity to invest in apartments now, anticipating that their growth rate could catch up to that of houses if demand shifts or intensifies in this segment.
Future Market Outlook
The future outlook for Florence’s real estate market appears promising. Assuming current trends continue, including population growth and economic stability, housing demand should remain robust. The sustained increase in property values over recent years provides optimism about future appreciation potential.
However, it’s important for potential investors to consider external factors such as changes in interest rates, economic policies, and local developments that could impact market dynamics. With careful analysis and consideration of broader economic indicators along with local market data, stakeholders can make informed decisions regarding investments in Florence’s real estate landscape.
