Hanover, Manitoba Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,300 |
| Previous Population (2020) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Hanover, Manitoba, the real estate market exhibits steady growth. The median house price is currently at $490,000, with a year-over-year increase of 3%. This reflects a stable market that is not prone to sudden spikes or drops in pricing, ensuring a secure environment for homeowners and investors alike.
The market for apartments shows similar stability. With the median apartment price at $295,000 and experiencing a slightly lower growth rate of 1.9% year-over-year, it suggests there is sustained demand for more affordable housing options in the area.
The population of Hanover stands at 15,300, and it has seen a healthy growth rate of 2%, which could be indicative of economic opportunities and an attractive living environment drawing people to the region.
Investment Opportunities and Potential
The consistent growth in property values combined with the steady population increase indicates that Hanover presents solid investment opportunities. For those looking to invest in residential properties, the increasing median house price suggests that purchasing real estate now could lead to capital gains in the long term. Rental properties also seem promising given the population growth, which could drive demand for housing.
Investing in apartments may appeal to those looking for lower entry points into the real estate market or diversifying their portfolio. Given the apartment price trends, investors could benefit from both rental income and property value appreciation over time.
Future Market Outlook
The future market outlook for Hanover is optimistic. The steady increase in property prices indicates a continuing trend which may persist as long as the local economy remains strong and population growth continues. The 3% annual increase in house prices suggests that the market will likely remain robust, providing good opportunities for homeowners looking to sell in the future.
The population growth rate of 2% should maintain demand for housing, both bought and rented. This bodes well for investors who can expect continued interest in their properties. As long as economic conditions remain favorable, we anticipate that Hanover’s real estate market will continue on its upward trajectory.
