Lakeport, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $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 (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) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Lakeport, Ontario, is characterized by steady growth and moderate price appreciation. The median house price in the area is currently at $525,000, which represents a 4% increase year-over-year. This consistent upward trend indicates a healthy demand for single-family homes in Lakeport.
Apartments in Lakeport are also experiencing a rise in value with the median price reaching $320,000, showing a more modest but stable growth of 2.5% year-over-year. The differential growth rates between houses and apartments suggest that the market is more dynamic for single-family homes, though apartments remain a popular choice for certain segments of the population.
Investment Opportunities and Potential
Lakeport’s real estate market presents various investment opportunities. With a population of 15,500 that has grown by 3.3%, there is an increasing demand for housing. Newcomers to the city may initially seek rental properties, which bodes well for investors interested in purchasing apartments to rent out.
The steady increase in property values offers potential for capital gains over time. Investors looking to diversify their portfolio could find Lakeport’s growing market to be an attractive option. The current trends also suggest that investing in single-family homes could yield higher returns due to their higher appreciation rate compared to apartments.
Future Market Outlook
The future outlook for the Lakeport real estate market remains optimistic. Assuming the continuation of current economic conditions and population trends, property values are likely to maintain their upward trajectory. The 3.3% population growth rate contributes to sustained demand for housing, both owned and rented.
Infrastructure developments and community investments could further bolster the attractiveness of Lakeport as a place to live and invest. Prospective investors should monitor local economic policies, interest rates, and national housing regulations as these factors can influence future market performance.
In summary, Lakeport’s real estate market appears poised for continued growth with favorable conditions for both residential living and investment opportunities.
