Hannon, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $675,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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
In Hannon, Ontario, the real estate market is currently characterized by moderate growth. The median house price in the region stands at $525,000, marking a year-over-year increase of 4%. This consistent upward trend suggests a healthy demand for housing in the area. The apartment sector is also experiencing growth, albeit at a slightly slower pace, with the median apartment price currently at $310,000 and following a 2.5% year-over-year increase.
The population of Hannon is approximately 15,500, which has been increasing at a rate of 3.3%. This growth not only reflects the area’s attractiveness but also implies a steady influx of potential homebuyers and renters, which supports the ongoing demand in the real estate market.
Investment Opportunities and Potential
The rising prices and steady population growth in Hannon present attractive investment opportunities. Single-family homes remain a popular choice for investors looking to tap into the strong growth seen in this segment. With house prices appreciating at a consistent rate, capital gains are a significant draw.
Apartments offer an alternative entry point for investors, particularly those seeking rental income in addition to appreciation. The slower price increase in apartments may appeal to investors looking for more affordable investment options while still benefitting from the overall positive trend in real estate values.
Given Hannon’s growing population, there is potential for both short-term rentals and long-term leases. Investors should consider factors such as proximity to amenities, transport links, and community services which are key considerations for tenants.
Future Market Outlook
The future real estate market outlook for Hannon remains optimistic. The ongoing population growth is expected to continue driving demand for both houses and apartments. If current trends persist, we can anticipate further increases in property values across all sectors of the market.
Factors contributing to this positive outlook include economic stability within Ontario, low-interest rates that make financing accessible, and Hannon’s appeal as a residential area due to its quality of life and community infrastructure.
However, potential investors should remain cognizant of external economic factors that could impact the real estate market both provincially and nationally. Close monitoring of interest rate changes, employment rates, and any regional policy adjustments related to housing will be crucial for making informed investment decisions.
