Canning, New Brunswick Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
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 | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Canning, New Brunswick, the real estate market has shown a healthy growth trajectory over the past year. The median house price in the area is currently at $485,000, reflecting a solid year-over-year increase of 4.2%. This suggests that the housing market in Canning is experiencing steady appreciation, which may be indicative of a seller’s market where demand outpaces supply.
Similarly, the median apartment price stands at $295,000, with a more modest growth rate of 1.9% year-over-year. The slower growth in apartment prices compared to houses may imply a slightly different demand dynamic or could indicate a higher availability of apartments relative to demand.
The population of Canning is approximately 15,000 residents, and the area has witnessed a population growth rate of 3.4%, hinting towards increasing demand for housing as more people move into the region.
Investment Opportunities and Potential
The positive trends in both house and apartment prices signal potential opportunities for real estate investors in Canning. The continuous increase in property values implies that investments made today are likely to appreciate over time. Investors should consider both residential properties for long-term capital gains and rental properties to take advantage of the growing population.
The higher appreciation rate for houses compared to apartments could attract investors looking for larger assets with potentially higher returns. However, apartments might appeal to those seeking more affordable investment options or looking to cater to individuals or small families who prefer apartment living.
Future Market Outlook
The future market outlook for Canning appears promising given current trends. With ongoing population growth and consistent increases in property values, demand for housing is projected to remain robust. Assuming no major economic disruptions occur, the existing trend of property appreciation is likely to continue into the foreseeable future.
Favorable conditions such as these may also spur new construction and development projects to meet growing housing needs, which could present additional opportunities for investors and developers alike. It will be important for stakeholders to monitor both local economic indicators and broader national trends that could influence market conditions moving forward.
