Kenora, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Kenora, Ontario is currently experiencing stable growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market is showing healthy appreciation rates that reflect steady demand. Meanwhile, apartments are also seeing growth, albeit at a slightly slower pace, with median prices at $300,000 and an appreciation trend of 2.1% year-over-year.
This steady growth is underpinned by Kenora’s population of 15,000, which has experienced a significant population growth rate of 7.1%. This influx of new residents is likely contributing to the ongoing demand for housing in the region.
Investment Opportunities and Potential
Given the positive trends in market conditions, Kenora presents various investment opportunities. The consistent rise in median house prices suggests that investment in residential properties could yield profitable returns as the market continues to grow. The apartment sector also offers potential for investors looking for more affordable entry points into the real estate market or seeking to cater to individuals who prefer renting over homeownership.
The notable population growth provides an additional impetus for investment in both rental and owned properties. Investors may consider leveraging the increasing demand by exploring new construction projects or renovating existing properties to cater to the needs of newcomers.
Future Market Outlook
Looking forward, the Kenora real estate market shows promising signs for continued growth. The combination of steady price increases and robust population growth suggests a sustainable demand for housing, which bodes well for both short-term and long-term investment prospects.
However, investors should monitor local economic factors and development plans that could impact future market dynamics. It will be important to stay informed on any changes in local policies or shifts in economic conditions that could influence buyer sentiment or affect property values.
In conclusion, while current trends point towards a positive trajectory for Kenora’s real estate market, investors should conduct thorough due diligence and maintain a strategic approach when considering real estate transactions in this area.
