Souris, 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 (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 Souris, Manitoba, is currently experiencing steady growth. The median house price in the area is $500,000, with a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes, likely driven by the town’s growing population and appealing small-town charm. Concurrently, the median apartment price stands at $300,000, with a somewhat slower growth rate of 2.1% year-over-year. This difference in growth rates suggests that while there is an interest in more affordable, lower-maintenance living spaces, the market for houses is expanding at a more robust pace.
Investment Opportunities and Potential
Souris’s real estate market presents various investment opportunities. The steady increase in property values signifies potential for long-term capital gains for those investing in residential properties. With a population of 15,000 that has grown by 7.1%, there is potential for rental properties to cater to new residents who may be looking for temporary accommodation before purchasing their own homes. The slower growth rate in apartment prices could indicate a buyer’s market, presenting an opportune moment for investors to acquire properties at a relatively lower cost before any potential future upticks.
Future Market Outlook
The outlook for Souris’s real estate market remains positive. Given the strong population growth rate of 7.1%, it is expected that demand for housing will continue to rise. This bodes well for both house and apartment markets since population influx often results in diversified housing needs. Assuming no major economic disruptions occur and the local economy continues to support the current trends, both sectors should continue to see stable growth. Investors and homeowners alike can expect continued appreciation in property values, making Souris an attractive location for real estate investment and homeownership over the coming years.
