Kenora Housing Market Outlook (2025)

The average sale price in the Kenora housing market has increased by 2.1 per cent across all property types between 2023 and 2024, from $318,688 to $325,271. The number of sales transactions increased by 1.8 per cent for the same time period, rising from 2,030 sales in 2023 to 2,067 sales in 2024. Meanwhile, the total number of listings increased by 2.5 per cent this year, from 2,871 in 2023 to 2,944 in 2024. Looking ahead to 2025, the Kenora housing market is expected to favour sellers. Average price is anticipated to rise by 2.5 per cent, while the number of sales will also likely increase by 2.5 per cent. Total listings in 2025 are expected to increase by 2.5 per cent, with the number of new listings hitting the market expected to increase by three per cent.

Demand in the region will be driven primarily by first-time buyers, but also interest from move-up buyers, retirees and downsizers, investors and distressed sales (those forced to sell due to rising costs). Single-detached houses are expected to see the most sales activity in the region in 2025.

First-time homebuyers are buying single-detached homes and small bungalows in the $300,000 price range, while move-up and move-over buyers are purchasing larger detached homes in the $450,000 to $550,000 price range. Meanwhile, retirees are buying and driving demand for condominiums around the $500,000 price point.

New developments are not proceeding as planned in Kenora due to the high cost of building. Home sellers are feeling more confident due to a lack of new construction in the region. Looking ahead to 2025, sales are expected to stay strong.

Buyer confidence is expected to be high in Kenora in 2025 compared to 2024, with lower interest rates and amortization structures making it easier for first-time homebuyers to enter the market. As interest rates continue to decrease, more first-time homebuyers are expected to enter the market.