Canterbury, New Brunswick Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.4% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,000 |
| Population Change | 5.1% |
| Total Private Dwellings | 6,100 |
| 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 Canterbury, New Brunswick
The real estate market in Canterbury, New Brunswick is currently experiencing a steady growth trend. The median house price stands at $485,000, which reflects a moderate year-over-year increase of 3.2%. This incremental growth signifies a stable market that is not prone to sudden spikes or drops in property values, providing reassurance for homeowners and investors alike.
Similarly, the apartment sector shows resilience with the median apartment price reaching $295,000 and following a slightly lower yet positive year-over-year appreciation trend of 2.4%. These figures suggest that the market for apartments is healthy but growing at a more conservative pace compared to houses. This difference may be indicative of differing demand levels or possibly a greater supply of apartments.
Drawing from the population statistics, Canterbury is undergoing noticeable demographic growth with an increase of 5.14%. This significant population rise could be a contributing factor to the consistent demand for housing in the area.
Investment Opportunities and Potential in Canterbury
The positive trends in Canterbury’s real estate market present numerous investment opportunities. Given the steady appreciation rates for both houses and apartments, investors can expect a reasonable return on investment (ROI) due to the anticipated continued demand fueled by population growth.
Real estate investors might find particular interest in single-family homes due to their higher appreciation rate compared to apartments. However, given the lower median price point of apartments, they may offer entry-level investment opportunities with potentially higher rental yield percentages as demand for affordable housing options rises alongside population growth.
An important consideration for potential investors is the sustainability of this growth. With careful analysis of specific neighborhoods and property types, investments can be tailored to capitalize on areas with higher-than-average appreciation or burgeoning development projects.
Future Market Outlook for Canterbury
Looking forward, the future market outlook for Canterbury appears optimistic. If current trends persist, one can anticipate further gradual increases in property values across both housing sectors. The stable growth pattern offers a solid foundation for ongoing investment.
Population growth is poised to remain a key driver for housing demand and could potentially accelerate if economic conditions attract more residents to the area or if there’s an uptick in migration patterns due to regional developments or changes in remote work policies post-pandemic.
Investors should monitor infrastructure projects and government initiatives aimed at accommodating and stimulating population growth which may further impact real estate values. Additionally, keeping an eye on external economic factors such as interest rates, employment rates, and immigration policies will also be essential for predicting longer-term market behavior.
In summary, while no market is without risk, Canterbury’s current data points toward a cautiously optimistic outlook where informed investment decisions can lead to positive outcomes.
