Carbonear, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.8% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $375,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Carbonear, Newfoundland and Labrador, is currently characterized by moderate growth. With a median house price of $485,000 and a year-over-year increase of 2.8%, the market is showing steady appreciation. Similarly, the median apartment price stands at $295,000, with a modest annual growth of 1.8%. This indicates a stable environment for both single-family homes and apartment units.
The population of Carbonear has experienced a healthy growth rate of 3.4%, suggesting an increasing demand for housing in the area. This demographic shift could also be contributing to the gradual rise in property values, as more people look for residential accommodation, driving competition among buyers.
Investment Opportunities and Potential
With the current trends indicating stable growth in property values, Carbonear presents promising investment opportunities. The consistent increase in median prices for houses and apartments suggests that investments made now could yield positive returns as the market continues to grow. Moreover, the population increase signifies potential for rental properties to meet the demand from new residents seeking accommodation.
Investors looking towards long-term holdings may find Carbonear particularly attractive due to its steady market conditions. The region’s appeal is augmented by its relative affordability compared to larger urban centers while offering a tranquil lifestyle that has been increasingly sought after post-pandemic.
Future Market Outlook
The future real estate market outlook for Carbonear is cautiously optimistic. Given the current trajectory of slow yet steady price increases, coupled with ongoing population growth, it’s reasonable to expect that these trends will continue into the near future. However, investors and homebuyers should remain attentive to broader economic conditions that could impact interest rates and affordability.
Local developments and government policies specific to Newfoundland and Labrador will also play a significant role in shaping Carbonear’s real estate market. Infrastructure improvements, job creation initiatives, and changes in taxation could all influence future market dynamics either positively or negatively.
In conclusion, while there are no overt signs of rapid escalation or decline in property values, careful monitoring of external factors remains essential for accurate forecasting. Stakeholders are encouraged to maintain a balanced perspective on investment risks while considering the potential benefits associated with real estate in Carbonear.
