Virden, 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 Virden, Manitoba is currently experiencing a period of moderate growth. The median house price stands at $500,000, which marks a year-over-year increase of 3.5%. This steady rise reflects a healthy demand for single-family homes in the area. The apartment sector, while less vigorous than houses, also shows positive movement with a median price of $300,000 and a growth trend of 2.1% over the past year.
With a population of 15,000 that has grown by 7.1%, Virden’s demographic expansion underpins the real estate market’s buoyancy. This influx suggests a robust local economy attracting new residents and creating demand for housing. It is also indicative of sustained interest in the region as both a place to live and work.
Investment Opportunities and Potential
Considering the consistent appreciation in property values and the significant population growth, Virden presents attractive investment opportunities. The stable increase in home prices indicates that investments could yield favourable returns over time. Investors looking to capitalize on rental income or long-term capital gains should consider the single-family home market due to its higher growth rate.
The apartment sector offers potential as well, especially for those keen on catering to individuals or small families who may prefer more affordable housing options or are not yet ready to purchase property. With careful market analysis and strategic property management, investors can leverage Virden’s growing population to secure steady rental income streams.
Future Market Outlook
The outlook for Virden’s real estate market remains positive based on current trends and demographics. Assuming the local economy continues to expand and attract residents, demand for housing should remain strong. The town’s growth rate outpaces many similarly sized communities, indicating potential for sustained real estate appreciation.
Future infrastructure projects and economic developments could further bolster market conditions. However, investors should also be mindful of external economic factors such as interest rates and national economic performance that could affect local markets.
In summary, Virden’s real estate market appears poised for continued growth with promising investment opportunities in both the single-family home and apartment sectors. As always, thorough due diligence and attention to broader economic indicators are advisable when considering any real estate investment.
