Kennaway, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.1% |
| 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 | $420,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
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 | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Kennaway, Ontario is currently experiencing steady growth. The median house price stands at $520,000, reflecting a year-over-year increase of 4%. This steady climb indicates a healthy demand for housing in the area. Similarly, the median apartment price is $310,000, which has grown by 2.5% over the past year. This slower growth rate for apartments suggests a market that is slightly less pressured than the housing segment but still on an upward trajectory.
With a population of 15,500 that has grown by 3.3%, Kennaway is showing signs of economic vitality and demographic expansion that underpin the positive trends in the real estate sector. The demand for both houses and apartments is likely being driven by this population increase as well as by local economic factors that attract new residents.
2. Investment Opportunities and Potential
The consistent growth in property values suggests that Kennaway offers worthwhile investment opportunities, particularly in the residential housing market. Investors should note the stronger performance of houses compared to apartments, potentially indicating a higher demand for single-family homes or larger living spaces that can yield better long-term returns.
The ongoing population growth not only increases demand for rental properties but may also signal a long-term upward trajectory for property prices in general. As such, purchasing properties for rental income could be an attractive strategy given the increasing local demand for accommodation.
Investors should also be aware of local development plans and infrastructure projects which might impact future property values. Proactive investment ahead of such developments could result in significant appreciation of property assets.
3. Future Market Outlook
The future outlook for Kennaway’s real estate market appears positive based on current trends and demographic indicators. Assuming continued economic stability and population growth at or above current rates, both the housing and apartment markets should maintain their upward momentum.
The sustained increase in median prices across both houses and apartments points towards an environment where real estate investments have the potential to appreciate further. However, investors must remain cognizant of broader economic conditions, interest rate changes, and local policy shifts that could impact market dynamics.
In conclusion, Kennaway’s real estate market presents promising opportunities for investors, bolstered by solid population growth and consistent property value appreciation. While careful consideration of individual investment risks is always recommended, current trends suggest a favorable environment for those looking to enter or expand within this market.
