Forfar, 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
1. Current Market Conditions and Trends
The real estate market in Forfar, Ontario is currently experiencing a period of moderate growth. The median house price in the area stands at $500,000, reflecting a year-over-year increase of 3.5%. This suggests a steady demand for housing in the region, coupled with a healthy supply that has not led to exorbitant price inflations. Similarly, the apartment sector is also showing growth, albeit at a slower pace, with the median apartment price at $300,000 and an annual trend increase of 2.1%.
The demographic trend indicates a robust population growth of 7.1%, which currently places the population at around 15,000. This significant increase in population is likely contributing to the steady demand for housing and suggests that the market is absorbing new inventory effectively.
2. Investment Opportunities and Potential
The current trends suggest that Forfar’s real estate market presents multiple opportunities for investors. The consistent increase in housing prices indicates a stable market where investments can appreciate over time. Single-family homes, with their higher year-over-year price increase rate, present a particularly attractive opportunity for long-term capital gains.
Apartments offer a different kind of potential; their slower price growth could attract investors interested in entering the market at a lower entry point or those looking to invest in rental properties to cater to the growing population. With Forfar’s population on the rise, rental demand is expected to grow which may drive up rent prices and increase potential rental yields for investors.
3. Future Market Outlook
The future outlook for Forfar’s real estate market appears cautiously optimistic. If current trends continue, we can expect further moderate growth in property values across both houses and apartments. The key drivers for this outlook include ongoing population growth and sustained demand for housing.
However, it is important for stakeholders to remain vigilant about broader economic factors such as interest rates, employment levels within the area, and regional development plans which could affect the market dynamics significantly.
In summary, Forfar’s real estate market shows signs of health and potential for both homebuyers and investors. Its continued growth will largely depend on local economic stability and ongoing demand fueled by population increases.
