Bonavista, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $420,000 |
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) | 1.4 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Bonavista, Newfoundland and Labrador currently presents a stable environment with moderate growth. The median house price in the region is $485,000, which reflects a year-over-year increase of 3%. This steady upward trend indicates healthy demand and a relatively balanced market. Meanwhile, the median apartment price stands at $295,000, also experiencing growth with a slightly lower year-over-year increase of 2.5%. The population of Bonavista has reached approximately 15,000 residents, with an encouraging growth rate of 3.4%, suggesting an expansion of the local community and potential for increased housing demand.
Investment Opportunities and Potential
In light of Bonavista’s growing population and consistent property value appreciation, investment opportunities appear promising, particularly in the residential sector. The steady rise in median house and apartment prices points towards ongoing demand for housing. Investors may find potential in purchasing properties to cater to the growing population, whether for resale or rental purposes. The moderate yet continual appreciation rates suggest that investments may yield positive returns without the volatility seen in more aggressive markets. Furthermore, the current trends provide opportunities for development projects aimed at expanding the local housing inventory to meet future demands.
Future Market Outlook
The future real estate market outlook for Bonavista remains optimistic based on current trends and demographic indicators. The sustained population growth rate of 3.4% is expected to drive further demand for housing units in both purchase and rental segments. Given that the current price trends are showing consistent but manageable increases, it is likely that the market will maintain its stability while providing room for gradual appreciation. This environment should continue to attract both end-users looking to settle in the region and investors seeking long-term capital gains. However, as with any real estate market analysis, it is crucial to monitor economic factors, interest rates, and local developments that could influence future market conditions.
