Millwood, Manitoba 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 (2025) | 15,000 |
| Previous Population (2020) | 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 Millwood, Manitoba is currently experiencing steady growth. The median house price in the area is $500,000, which represents a year-over-year increase of 3.5%. This consistent uptick in prices indicates a healthy demand for single-family homes, reflecting broader national trends towards suburban living and space-seeking behavior influenced by recent shifts towards remote work.
Similarly, the apartment market in Millwood has seen moderate growth, with the median apartment price now at $300,000, marking a 2.1% increase from the previous year. This growth rate, while slower compared to houses, suggests that apartments remain an attractive option for certain demographics such as young professionals and smaller households.
The population of Millwood stands at 15,000 residents with a notable growth rate of 7.1%. This demographic expansion underpins the demand for housing and can be attributed to factors such as affordability compared to larger urban centers, local economic opportunities, and lifestyle considerations.
Investment Opportunities and Potential
In light of increasing property values and population growth, Millwood presents several attractive investment opportunities. The upward trend in house prices may interest investors looking to capitalize on capital appreciation over the medium to long term. Rental properties also appear promising given the population influx, ensuring a steady demand for both apartment units and single-family homes.
For developers and investors with a more strategic outlook, the growing population could signal an opportunity for new housing developments or renovations of existing properties to match modern living standards. Furthermore, given that current trends favor larger living spaces due to changing work and lifestyle patterns, properties with additional amenities or home office capabilities might offer additional appeal.
Future Market Outlook
The future market outlook for Millwood remains optimistic. The continued population growth paired with rising property values suggests that demand will persist. Assuming no significant changes in economic conditions or policy interventions that could adversely affect the housing market, it is likely that both house and apartment prices will continue their gradual ascent.
Moreover, as long-term trends towards remote work solidify and preferences for more spacious living environments endure, suburbs like Millwood are poised to benefit. This bodes well for sustained investment potential in the region’s real estate market.
In conclusion, while mindful consideration of external economic factors is always prudent when assessing future outlooks, current indicators point towards a stable and potentially lucrative market for real estate investors in Millwood.
