Harrowsmith, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
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 Harrowsmith, Ontario, is currently experiencing a period of steady growth. With a median house price sitting at $525,000, the market has seen an annual increase of 4%. This indicates a stable demand for housing in the area. Similarly, the median apartment price stands at $315,000, with a slightly lower year-over-year growth rate of 2.5%. The consistent price trend suggests that Harrowsmith’s property market remains attractive to buyers seeking both types of properties.
The population of Harrowsmith has reached approximately 15,500 residents with a growth rate of 3.3%, which is above average and suggests an expanding community. This increase in population may continue to put upward pressure on property values due to rising demand.
Investment Opportunities and Potential
Investment opportunities within Harrowsmith are promising due to the town’s positive population growth and steady property value appreciation. Single-family homes, given their higher year-over-year increase compared to apartments, may offer more significant capital gains in the long term. However, apartments with a lower entry price point represent an accessible opportunity for investors looking to enter the market or diversify their portfolio.
Additionally, rental properties could be lucrative due to the influx of new residents who may initially seek rental accommodation before purchasing homes. As the population grows, so does the potential tenant pool, which could lead to a reduced vacancy rate and increased rental yields for investors.
Future Market Outlook
The future outlook for Harrowsmith’s real estate market appears optimistic. Assuming current trends persist, property values are likely to continue their gradual ascent. The ongoing population growth will remain a fundamental driver for housing demand, further supporting both home prices and the rental market.
Investors should monitor local economic developments and any changes in municipal policies that could influence the market dynamics. Infrastructure improvements and job creation in the area could further enhance Harrowsmith’s attractiveness to prospective buyers and renters alike.
In conclusion, Harrowsmith presents itself as a sound investment environment with steady growth potential in the coming years. Careful consideration of property type and market positioning can yield favorable outcomes for both seasoned and novice investors.
