Hannon, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $580,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 1.1% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $485,000 |
| 3 bedrooms | $580,000 |
| 4 bedrooms | $700,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $270,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Hannon, Ontario, is currently experiencing a stable growth phase. The median house price in the area stands at $580,000, which indicates a healthy 4.2% year-over-year increase. This suggests that houses in Hannon have been steadily appreciating in value, reflecting a robust demand for residential properties.
In contrast, the apartment sector presents a more modest growth scenario. With a median apartment price of $320,000, the market has seen a 2.5% year-over-year rise. This slower rate of increase may indicate either a greater supply of apartments or potentially less demand when compared to single-family homes.
The population of Hannon stands at 15,500 residents and has been growing at a rate of 3.3%. This demographic trend can be a driving factor behind the steady demand for housing in the area.
Investment Opportunities and Potential
Investors looking into Hannon’s real estate market will find potential due to its consistent growth patterns. The continuous appreciation of house prices at over 4% annually suggests that investing in residential properties could yield solid returns over time. The more moderate growth in apartment prices also offers an opportunity for investors to enter the market at a lower price point, with potential for long-term capital appreciation.
Given the population growth rate, there is an ongoing need for housing, which may also drive rental market opportunities. Investors may consider leveraging this by acquiring properties to cater to the rental demand, which is likely bolstered by those moving into the area and seeking temporary accommodation before purchasing homes.
Future Market Outlook
The future outlook for Hannon’s real estate market remains positive based on current trends and demographic data. As the population continues to grow, demand is expected to remain strong which should support both property values and rental rates.
The steady increase in house prices indicates that Hannon is perceived as an attractive place to live, and this perception is likely to persist if economic conditions remain favorable. However, it is crucial for investors and potential homebuyers to monitor economic indicators such as employment rates and mortgage rates as these will have direct effects on affordability and market dynamics.
In conclusion, while there are no guarantees in real estate investment, Hannon’s market shows signals of ongoing stability and growth potential that could benefit savvy investors and homebuyers alike.
