Gananoque, 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 Gananoque, Ontario is currently experiencing a period of steady growth. With a median house price of $500,000, the market has seen a modest year-over-year increase of 3.5%. This suggests a stable upward trend in property values, reflecting healthy demand and a confident investment climate. Similarly, the median apartment price stands at $300,000 with a slower growth rate of 2.1% year-over-year. This growth differential indicates that while apartments are appreciating, houses are in higher demand and may provide better capital gain prospects in the short to medium term.
The population of Gananoque has been growing at a robust rate of 7.1%, which is likely contributing to the sustained demand for housing in the area. With an expanding population base, the local real estate market is expected to remain dynamic as new residents seek accommodation, supporting both rental and purchase markets.
Investment Opportunities and Potential
Gananoque offers promising investment opportunities given its current market trends and demographic dynamics. Investors looking to capitalize on property appreciation could consider single-family homes as a priority due to their stronger growth trend. The consistent rise in home prices suggests that investments made today have the potential for substantive returns over time.
For those interested in income-generating properties, apartments might be an attractive option considering their more accessible price points and the town’s growing population which could drive rental demand. Moreover, as remote work becomes more prevalent post-pandemic, smaller communities like Gananoque might attract professionals seeking more affordable living options outside urban centers.
Furthermore, the town’s tourism industry could offer short-term rental prospects for investors, especially during peak travel seasons when Gananoque’s natural attractions draw visitors.
Future Market Outlook
The future outlook for Gananoque’s real estate market remains optimistic. Population growth is projected to continue which should underpin demand for both rental and owner-occupied housing. If current trends persist, investors can expect ongoing increases in property values across both housing and apartment markets.
However, investors should monitor economic drivers such as employment rates and infrastructure developments which could impact future market conditions. Additionally, changes in interest rates could affect borrowing costs for buyers and influence market liquidity.
In conclusion, while there are always risks inherent to any investment, Gananoque presents itself as an appealing market with stable growth prospects and potential for both capital appreciation and income generation through real estate investments.
