Griffith, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $475,000 |
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 Griffith, Ontario, is currently experiencing a stable growth phase. With a median house price of $525,000 and a year-over-year increase of 4.2%, the housing market is showing healthy appreciation. The median apartment price stands at $315,000 and has seen a more modest increase of 2.5% over the past year. This indicates a sustained demand for residential properties in the area, likely driven by both local factors and broader provincial trends.
The population of Griffith has grown to 15,500 residents, which represents a significant growth rate of 3.3%. This demographic expansion contributes to the underlying demand for housing, supporting both the rental and buyer markets. It is important to note that the current trends reflect a balanced market where supply and demand are relatively equal, avoiding extreme price volatility or bubbles.
Investment Opportunities and Potential
Given the current growth rates in property values, Griffith presents an appealing opportunity for real estate investors. The consistent rise in house prices suggests that investment in residential property could yield solid capital gains over time. Additionally, the increasing population points towards rising demand for rental properties, potentially providing investors with steady rental income streams.
The more gradual increase in apartment prices also opens up investment possibilities for those looking to enter the market at a lower price point. As population growth continues, it’s plausible to anticipate increased demand for various types of housing units, including apartments, which may lead to higher rental yields and appreciation over time.
Investors should consider diversifying their portfolios within Griffith’s real estate market by acquiring different types of properties to capitalize on both rental markets and potential home value increases.
Future Market Outlook
Looking forward, the future market outlook for Griffith is optimistic. The continuous population growth will likely sustain demand for housing. If this demographic trend persists alongside positive economic conditions locally and provincially, it could translate into further increases in property values and rental rates.
However, investors should remain aware of external factors that could impact the real estate market such as changes in interest rates, government housing policies, or shifts in provincial economic performance. Monitoring these variables will be crucial for making informed investment decisions.
In summary, while current conditions are favorable and future prospects look promising, investors should conduct thorough due diligence when considering the Griffith real estate market to ensure alignment with their investment strategies and risk profiles.
