Cormack, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
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) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Cormack, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $485,000, the market has seen a year-over-year increase of 4.2%. The median apartment price stands at $295,000, which reflects a slower growth rate of 1.9% over the same period. These trends indicate a healthy market with sustained demand for housing.
The population of Cormack has grown to 15,000 residents, marking a significant increase of 3.4%. This demographic growth suggests an expanding market with more potential homebuyers and renters entering the fray. As a result, both residential and rental markets are likely benefiting from increased demand fueled by the population uptick.
Investment Opportunities and Potential
Investment opportunities within Cormack are promising due to the consistent rise in property values coupled with population growth. Single-family homes are particularly appealing for long-term investments given their higher appreciation rate of 4.2%. Investors seeking to capitalize on rental income may find apartments more attractive given their lower entry price point despite their more modest appreciation rate.
The solid population growth rate also signals a possible expansion in rental demand, offering investors an opportunity for stable rental yields. Thus, investing in multi-unit residential properties may be a strategic move to cater to this emerging market segment.
Future Market Outlook
The future outlook for Cormack’s real estate market remains positive. The consistent upward trend in housing prices suggests that the market will continue to grow steadily in the near term. Population growth is also expected to maintain its current trajectory, further supporting housing demand both for ownership and rentals.
However, investors should monitor economic factors such as employment rates and regional economic policies that could influence the market’s performance. Considering these factors, Cormack presents itself as an attractive location for real estate investment with room for growth and development in the coming years.
