Canso, Nova Scotia 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 | 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 | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| 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 current real estate market in Canso, Nova Scotia exhibits steady growth with the median house price standing at CAD $485,000, which represents a year-over-year increase of 3.2%. This trend signifies a growing market that is attracting interest from both local residents and out-of-province buyers. The median apartment price in Canso has also experienced a growth trend with a 1.9% year-over-year increase, setting the price at CAD $295,000.
With a population of 15,000 that has grown by 3.4%, there is evidence of demographic expansion which could be attributed to the town’s economic opportunities, lifestyle appeal, or regional developments that are drawing new residents to the area. This growth can potentially lead to increased demand for housing which may impact future pricing and availability.
Investment Opportunities and Potential
Considering the upward trajectory of property values, Canso presents viable investment opportunities for both residential and rental markets. The moderate increase in house prices indicates a stable market that may provide consistent capital gains over time for investors looking to purchase residential properties. Furthermore, the rising population suggests a growing rental demand that could benefit investors interested in purchasing apartments for rental purposes.
The relatively affordable apartment prices compared to the national average present an appealing entry point for first-time investors or those looking to diversify their portfolio with real estate in smaller markets. Additionally, as the population continues to grow, there may be opportunities for development projects to meet the housing needs of new residents.
Future Market Outlook
The future outlook for Canso’s real estate market appears positive based on current trends and data. With consistent population growth and a steady increase in property values, it is reasonable to anticipate ongoing demand for housing. If economic conditions remain favorable and the town continues to attract new residents through job creation or lifestyle offerings, the market could see sustained growth over the coming years.
However, investors and potential homebuyers should remain vigilant about broader economic factors that can affect real estate markets such as interest rates changes, employment rates within the province of Nova Scotia, and any policy changes related to property ownership and taxation. Keeping an eye on these factors will be crucial in making informed decisions about entering or exiting Canso’s real estate market.
