Gogama, 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
As of the latest available data, Gogama’s real estate market is experiencing steady growth. The median house price in the area is currently $500,000, reflecting a year-over-year increase of 3.5%. This indicates a healthy appreciation in property values, slightly outpacing national averages.
In comparison, the apartment sector presents a more modest growth trend with a median price of $300,000 and an annual appreciation rate of 2.1%. This slower rate may be attributed to a different demand dynamic or a larger inventory relative to demand when compared to standalone homes.
The population in Gogama stands at 15,000, having grown by 7.1%. Such significant population growth suggests increased demand for housing, which may continue to drive property prices upward and tighten market conditions if the housing supply does not keep pace.
2. Investment Opportunities and Potential
Gogama’s real estate market offers promising investment opportunities amidst its steady growth. The consistent rise in house prices provides potential for capital gains for long-term investors. Moreover, the strong population increase indicates a growing rental market, which could benefit landlords and investors focused on rental income.
Considering the current trends, investing in single-family homes seems particularly attractive given their higher appreciation rate. However, apartments should not be overlooked as they offer more accessible price points and might cater to different segments of the market such as young professionals or smaller families.
The ongoing population growth also suggests opportunities for development projects aimed at expanding the housing stock to meet the increasing demand. This could encompass both residential and mixed-use developments that align with community needs.
3. Future Market Outlook
The future outlook for Gogama’s real estate market remains optimistic. If current trends persist, investors and homeowners can expect continued appreciation in property values. The sustained population growth will likely maintain upward pressure on housing demand, potentially leading to further tightening of the market.
However, it is important to consider external economic factors such as interest rates, employment rates in the region, and broader economic health which can impact housing markets. As long as these remain stable or improve, Gogama’s real estate market should continue its positive trajectory.
In summary, Gogama’s real estate market holds considerable promise for investors and homebuyers alike. With prudent investment strategies and attention to broader economic indicators, stakeholders can capitalize on the town’s growth potential.
