Buchans, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.9% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $430,000 |
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 current real estate market in Buchans, Newfoundland and Labrador, is experiencing a moderate growth trajectory. The median house price in the area stands at $485,000, which marks a 2.9% increase year-over-year. This suggests a steady demand for housing that is slightly outpacing supply growth, indicating a seller’s market condition.
In parallel, the apartment market is also seeing an upward trend with the median apartment price at $295,000, increasing by 2% from the previous year. The less pronounced increase in apartment prices compared to houses indicates a more balanced market for apartments but still points towards overall healthy demand.
With a population of 15,000 and a robust population growth rate of 7.1%, there is likely to be sustained demand for housing in the future. This demographic trend can be linked to both natural growth and inward migration possibly driven by employment opportunities or lifestyle preferences associated with living in Buchans.
Investment Opportunities and Potential
The real estate market in Buchans presents several investment opportunities given the current trends. The steady appreciation of house prices could be beneficial for long-term investors seeking capital gains. Rental properties might also be attractive due to increasing population, as there could be growing demand for rental housing from individuals or families not ready or willing to purchase homes outright.
For potential investors looking at the apartment sector, the slower but consistent growth rate suggests that it could be a stable investment with less volatility than the housing market. Investors may find opportunities in both purchasing existing apartment properties or developing new units to meet the expected future demand fueled by population growth.
Future Market Outlook
The future outlook for Buchans’ real estate market appears positive based on current trends and data. Population growth is a key driver for housing demand, and assuming that the current rate remains steady or increases, there will likely be continued upward pressure on both home and apartment prices.
However, investors should remain cognizant of local economic factors that may affect market conditions such as employment rates, local government policies regarding development, and broader economic conditions that could impact mortgage rates and borrowing costs.
Overall, prudent investment strategies that account for both current trends and possible future shifts in market dynamics are advisable for those looking to enter or expand their presence in Buchans’ real estate market.
