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 | $425,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Souris, Manitoba, is currently experiencing moderate growth. The median house price in the area stands at $500,000, with a year-over-year increase of 3.5%. This indicates a healthy demand in the housing segment, reflecting both local economic stability and a growing interest from buyers. In contrast, the median apartment price is $300,000, showing a slightly lower year-over-year growth rate of 2.1%. This trend suggests that while the apartment market is expanding, it does so at a more tempered pace compared to houses.
The town’s population has reached 15,000 residents, with a robust population growth of 3.4%. Such demographic trends often correlate with increased demand for housing, both owned and rented, which may contribute to the observed price appreciations.
Investment Opportunities and Potential
Given Souris’s steady population growth and consistent rise in property values, investment opportunities appear promising especially in the residential sector. The stronger growth rate in house prices indicates that single-family homes may offer better capital appreciation potential for investors. However, apartments should not be overlooked as they present a more accessible entry point into the real estate market for both investors and first-time homebuyers.
A strategic approach for investors could involve purchasing rental properties to cater to the growing population or buying properties to sell as prices are on an upward trajectory. Investors should also consider exploring areas within Souris that may be undergoing development or revitalization, as these could offer above-average returns if bought early in the cycle.
Future Market Outlook
The future outlook for Souris’s real estate market remains positive. The consistent population growth is likely to maintain pressure on housing demand, potentially leading to further price increases if supply does not keep pace. Community investments and economic development initiatives may also spur additional interest in local real estate.
In the long term, if current trends persist, both housing and apartment markets are expected to remain attractive for buyers and investors alike. Monitoring economic drivers such as employment rates, infrastructure developments, and migration patterns will be key in predicting how strong these trends will hold moving forward.
