Brigus, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| 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 | $420,000 |
| 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) | 15,200 |
| Previous Population (2019) | 15,000 |
| Population Change | 1.3% |
| 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
The real estate market in Brigus, Newfoundland and Labrador, is currently characterized by a moderate pace of growth. The median house price in the region stands at CAD $485,000, which marks a 3.2% year-over-year increase. This trend indicates a healthy demand for residential properties and a stable market environment. Similarly, the apartment sector shows a positive trajectory with a median price at CAD $295,000 and a 2.5% year-over-year growth rate. These figures suggest that while houses are appreciating slightly faster than apartments, both sectors are expanding steadily.
The population of Brigus is presently around 15,200 residents and has been growing at a rate of 1.33%. This demographic expansion contributes to the sustained demand for housing in the area and supports the gradual price appreciation observed in the market.
Investment Opportunities and Potential
With consistent growth in both housing prices and population, Brigus offers promising investment opportunities for individuals and entities looking to capitalize on residential real estate. The steady increase in property values suggests that investments made in this market may yield profitable returns over time through both rental income and capital gains.
The market’s consistent performance also opens opportunities for developments that cater to various segments of the population. Investors might consider targeting new families or retirees with appropriate housing options as they represent significant portions of the growing populace.
Future Market Outlook
The future outlook of Brigus’s real estate market is cautiously optimistic. Assuming that current trends persist—moderate population growth alongside gradual property value increases—the market should continue its steady performance in the short to medium term.
However, external factors such as changes in economic conditions, interest rates, and government housing policies could influence future market dynamics. Prospective investors should keep abreast of regional economic developments and be prepared to adapt their strategies accordingly.
In conclusion, while no investment is without risk, Brigus’s real estate market presents an attractive scenario for measured investment with its current stability and potential for continued growth.
