Cormack, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $585,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| 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 real estate market in Cormack, Newfoundland and Labrador is currently experiencing steady growth. The median house price in the area stands at $485,000, with a year-over-year increase of 3.2%. This indicates a stable market with moderate appreciation in property values. Similarly, the median apartment price has reached $295,000, showing a slightly lower yet consistent annual growth rate of 2%.
The population of Cormack has grown to 15,500 residents, marking a substantial growth rate of 3.3%. This demographic trend suggests an increasing demand for housing, which may be driving the observed appreciation in property values. As a result, the current market conditions are favorable for sellers due to the low supply to meet the growing demand.
Investment Opportunities and Potential
The positive trends in population growth and property value appreciation signal promising investment opportunities in Cormack’s real estate market. The consistent rise in prices for both houses and apartments implies that investments made now could yield considerable returns through capital gains over time.
Given the ongoing development and population increase, there is potential for investors to engage in both residential and commercial real estate ventures. The demand for rental properties, particularly apartments, is likely to rise concurrently with the population, thereby creating opportunities for investors to generate rental income alongside long-term asset appreciation.
Future Market Outlook
The future outlook of Cormack’s real estate market appears optimistic based on current trends. Assuming continuation of the current economic conditions and demographic expansion, one can expect sustained growth in property values over the coming years. The steady increase in population is likely to continue fueling demand for housing, consequently supporting both price stability and growth.
However, it is important for investors and stakeholders to monitor any shifts in economic policies or local developments that could impact the market dynamics. As long as the region maintains its current trajectory of growth and development, Cormack’s real estate market should remain an attractive area for investment.
