Cornwallis, Nova Scotia 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 (2025) | 15,000 |
| Previous Population (2020) | 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 Cornwallis, Nova Scotia, currently presents a stable environment for both homeowners and investors. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market demonstrates moderate but steady growth. This trend suggests a healthy demand that aligns with the overall economic stability of the region. Similarly, the median apartment price stands at $300,000, having appreciated by 2.1% over the past year. The less significant rise in apartment prices compared to houses indicates a potential affordability factor that may be attracting first-time buyers and investors looking for rental properties.
Cornwallis’s population growth of 7.1% is another key factor contributing to the current market conditions. An increasing population typically leads to heightened demand for housing, which could explain the consistent appreciation in property values. This demographic trend is also likely to influence future real estate developments and infrastructure projects within the area.
Investment Opportunities and Potential
The investment opportunities in Cornwallis are underscored by its growing population and corresponding need for housing. Investors might find lucrative deals in both residential properties for long-term capital gains and rental units owing to potential rises in rental demand. Given that house prices are appreciating at a faster rate than apartments, there may be an opportunity for investors to focus on single-family homes that promise higher returns over time.
Additionally, given the smaller size of the community (15,000 residents), there might be untapped niches or underserved markets within Cornwallis that can provide above-average yields. Investors could consider exploring areas such as senior living facilities or student accommodations if there are educational institutions nearby.
Future Market Outlook
Looking ahead, the real estate market in Cornwallis seems poised for continued growth. The combination of steady population increases and sustainable property price trends suggests that there will be ongoing demand for housing in both the purchase and rental sectors. Assuming no major economic disruptions occur, both median house and apartment prices should maintain their upward trajectory.
However, investors and potential homebuyers should keep an eye on external factors such as interest rates, employment rates in key industries within Nova Scotia, and any changes in provincial housing policies that could impact market dynamics. As with any real estate investment, due diligence and awareness of local market conditions are imperative for making informed decisions.
In conclusion, Cornwallis offers a promising environment for both real estate investors seeking growth opportunities and individuals looking to enter the housing market in a community with a strong sense of potential.
