Bonavista, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Bonavista, Newfoundland and Labrador, the real estate market is currently experiencing a moderate pace of growth. The median house price in the area stands at $485,000, which indicates a year-over-year increase of 2.8%. This growth rate suggests a stable market that has been able to sustain incremental gains over the past year.
The apartment sector shows similar trends with a median price of $295,000, accompanied by a slightly lower annual growth rate of 1.9%. While this increase is modest, it points to a degree of resilience in the apartment market, potentially reflecting ongoing demand for more affordable housing options within Bonavista.
The population of Bonavista has grown to approximately 15,500 residents, with a notable growth rate of 3.33%. This demographic expansion can be an indicator of economic vitality and potential for future real estate demand.
Investment Opportunities and Potential
The current trends in Bonavista’s real estate market present several promising investment opportunities. The steady growth in property values suggests that investments in residential properties are likely to benefit from continued appreciation. For investors focusing on rental income, the population increase could signify a growing rental market with the potential for stable yields.
Investors looking for long-term capital gains might consider targeting single-family homes, given their higher year-over-year price increase compared to apartments. However, those interested in entering the market at a lower price point or seeking a more liquid asset might focus on the apartment sector due to its affordability and demand among smaller households or young professionals.
Future Market Outlook
The future outlook for the Bonavista real estate market appears cautiously optimistic. If current trends persist, property prices are likely to continue their gradual ascent. Given the healthy population growth rate, one can expect sustained demand for housing which should underpin market stability and growth.
However, as with any real estate market forecast, it is essential to consider broader economic factors such as employment rates, regional development projects, and interest rates. These elements can significantly influence local real estate dynamics. Therefore, potential investors should stay informed about both local and national economic indicators when contemplating real estate transactions in Bonavista.
