Forteau, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 3.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,100 |
| Previous Population (2019) | 14,900 |
| Population Change | 1.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Forteau, Newfoundland and Labrador, is currently characterized by a steady increase in property values. With a median house price of $495,000, the market has experienced a moderate year-over-year growth of 3.8%, indicating a stable and growing demand for housing in the area.
The median apartment price stands at $295,000, with a slightly lower year-over-year appreciation rate of 2.5%. This difference suggests that while there is interest in more affordable housing options like apartments, the demand for single-family homes is driving the market’s overall growth.
With a population of 15,100 and an annual growth rate of 1.34%, Forteau is on an upward trajectory in terms of population, which could directly correlate with increased demand for housing in the future. The current trends point towards a healthy balance between supply and demand that is conducive to gradual price appreciation without overheating the market.
2. Investment Opportunities and Potential
Given the consistent growth in both house and apartment prices, Forteau presents several opportunities for real estate investors. The steady increase in property values provides potential for capital gains over the long term. Furthermore, the population growth indicates a sustained or potentially increasing demand for rental properties, suggesting that investment in income-generating real estate could also be lucrative.
Investors may find particular potential in targeting the growing segment of the population that prefers more affordable housing, such as apartments or smaller homes. Additionally, as remote work continues to gain popularity post-pandemic, there could be an emerging market for properties that cater to individuals looking to relocate to smaller communities like Forteau.
3. Future Market Outlook
The outlook for the Forteau real estate market appears positive based on current trends and demographic data. If population growth continues at its current pace or accelerates due to factors such as migration or economic development, demand for housing will likely remain robust.
This sustained demand could further drive up property prices at a steady rate, making Forteau an appealing destination for both homebuyers looking to settle in a growing community and investors seeking stable returns on investment.
However, it’s important to note that external economic factors such as interest rates, employment rates, and provincial economic policies can significantly influence local real estate markets. Potential investors and homeowners should stay informed about such factors when considering Forteau’s real estate market for their investment decisions.
