Thornhill, 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 Thornhill, Manitoba is currently experiencing a period of steady growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market is showing consistent upward trends. Similarly, apartments in the area are also appreciating, albeit at a slightly slower pace, with a median price of $300,000 and an annual growth rate of 2.1%. This suggests a stable environment for both house and apartment owners.
The population of Thornhill has reached 15,000 residents, which marks a significant growth rate of 7.1%. This demographic expansion indicates an increasing demand for housing and supports the current trends we are seeing in property values.
Investment Opportunities and Potential
Growth in Thornhill’s real estate market presents various investment opportunities. The steady increase in property values provides potential for capital gains over the long term. Additionally, the robust population growth suggests a rising demand for rental properties, which could benefit investors looking to enter the landlord market.
Investors should also consider diversifying their portfolio between single-family houses and apartments due to the differing growth rates in these segments. Given that apartments are appreciating at a slower rate than houses, they may offer more affordable entry points into the market with solid potential for rental income.
Future Market Outlook
The outlook for Thornhill’s real estate market remains positive. As the population continues to grow, demand for housing is likely to drive further increases in property values. Should current trends persist, we can expect both houses and apartments to continue appreciating at healthy rates.
However, investors should stay informed on local economic developments and infrastructure projects that could impact property prices. With careful consideration of these factors and monitoring of market conditions, stakeholders can make well-informed decisions within Thornhill’s dynamic real estate landscape.
