Hanover, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| 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 Hanover, Ontario is currently experiencing steady growth. The median house price in the region stands at $520,000, with a year-over-year increase of 4.2%. This indicates a healthy demand for single-family homes and a robust market that has been appreciating consistently. The median apartment price is also on the rise, currently at $310,000 and growing at a slightly slower rate of 2.5% year-over-year. This suggests that while there is steady interest in multi-family units, the market for apartments is somewhat less dynamic than for houses.
The population of Hanover has grown by 4.8% to reach 15,200 residents. This growth contributes to the increasing housing demand, putting upward pressure on property values and suggesting continued market vitality.
Investment Opportunities and Potential
Considering the current trends and demographic data, Hanover presents several attractive investment opportunities. The consistent increase in median house prices indicates room for capital appreciation for those investing in residential properties. As population growth continues, rental properties are also likely to see sustained demand, offering potential for stable rental income streams.
The slower growth rate in apartment prices compared to houses suggests there may be an opportunity to enter the market at a lower entry point while still benefiting from overall market growth. Investors looking to diversify their portfolios could consider apartments as a more affordable investment with potential for future appreciation.
Future Market Outlook
The future outlook for Hanover’s real estate market remains positive. Population growth is expected to continue as the town attracts more residents with its small-town charm combined with accessibility to larger urban centers. This influx should support ongoing housing demand.
While the current global economic environment poses uncertainties that could affect interest rates and borrowing costs, Hanover’s real estate market fundamentals suggest resilience. The steady growth rates in both house and apartment prices reflect underlying strength that bodes well for the future.
In conclusion, Hanover’s real estate market shows promising signs of continued growth and offers diverse investment opportunities with potential for both capital gains and stable rental yields. However, investors should keep an eye on broader economic indicators that might impact local market conditions.
