Hull, 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 | $425,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 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) | 2,520.4 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Hull, Ontario is currently experiencing steady growth. With a median house price of $525,000 and a year-over-year increase of 4%, the market is showing signs of healthy demand. Similarly, the apartment sector is also on the rise with a median price of $315,000 and a slightly lower growth rate of 2.5% year-over-year. This suggests that while houses are in higher demand, apartments remain a popular choice, particularly among first-time homebuyers and investors looking for more affordable options. Hull’s population has reached 15,500 residents with a robust growth rate of 3.3%, indicating an expanding community that could further drive housing demand.
Investment Opportunities and Potential
The current trends in Hull’s real estate market offer attractive opportunities for investors. The steady growth in housing prices reflects a stable investment environment with potential for capital gains over time. With the population continuing to increase at a significant rate, rental properties may become increasingly sought after, suggesting that investment in multi-unit residential buildings or apartment complexes could yield promising returns through both rental income and property value appreciation.
Additionally, as the median apartment price is considerably lower than that of houses, investors might find it more accessible to enter the market through apartment investments. These factors combined make Hull an appealing location for both seasoned and new investors looking to capitalize on both short-term rental yields and long-term property appreciation.
Future Market Outlook
Looking ahead, Hull’s real estate market appears poised for continued growth. The consistent increase in property values coupled with strong population growth suggests that there will be sustained demand for housing in the area. If current trends persist, investors can reasonably expect ongoing appreciation in property values along with potential rental income increases as the local housing market tightens.
However, it is important to monitor external economic factors such as interest rates, employment levels, and regional economic development initiatives that could influence buyer affordability and investment attractiveness. Careful consideration of these elements will be crucial for those planning to participate in Hull’s real estate market to ensure they make well-informed decisions aligned with their investment strategies.
