Cornhill, New Brunswick Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Cornhill, New Brunswick, is currently experiencing a steady growth in property values. The median house price in the area stands at $500,000, with an annual appreciation trend of 3.5%. This suggests a healthy demand for single-family homes and a competitive market for potential buyers. Meanwhile, apartments are slightly more accessible, with a median price of $300,000 and a slower price growth of 2.1% year-over-year.
These trends are indicative of a balanced market that is attracting both primary residence buyers and real estate investors. The consistent growth is reflective of the broader stability in the Canadian real estate market, albeit at a more modest pace compared to some of the country’s more heated urban centres.
Investment Opportunities and Potential
Cornhill’s real estate market presents various investment opportunities. With a population growth rate of 7.1%, there is an increasing demand for both rental and owner-occupied properties. Investors might consider leveraging the lower price point and higher growth rate of single-family homes to maximize capital gains. Furthermore, rental properties could provide a stable income stream due to the population increase, which could result in reduced vacancy rates and upward pressure on rents over time.
The apartment sector, while growing at a slower pace, also offers investment potential particularly for those looking to enter the market at a lower price point or diversify their portfolios with multi-unit residential properties.
Future Market Outlook
Moving forward, Cornhill’s real estate market appears poised for continued growth. The significant population increase suggests ongoing demand that will likely keep driving property values upward. Assuming that economic conditions remain favorable and interest rates stay relatively low, the housing market should maintain its momentum.
However, investors should be cognizant of external factors such as changes in provincial or federal regulations that can affect the housing market dynamics. Additionally, keeping an eye on local economic developments is crucial as they can directly impact employment rates and subsequently housing demands.
In summary, Cornhill presents itself as an attractive location for both homebuyers and investors looking for steady market conditions with promising future prospects.
