Fortune, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.8% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 15,000 |
| Population Change | 1.3% |
| 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 Fortune, Newfoundland and Labrador, is currently characterized by moderate growth. With a median house price of $490,000 and an upward trend of 3.2% year-over-year, the market is experiencing steady appreciation. Similarly, the median apartment price stands at $295,000 with a slower growth rate of 1.8% year-over-year, suggesting a more stable but less dynamic segment of the market.
The population of Fortune has grown to 15,200 residents, reflecting a growth rate of 1.33%. This demographic expansion underpins the demand for housing and can be seen as a positive indicator for real estate investment stability. The current trends suggest that the real estate market in Fortune is moving towards a seller’s market.
Investment Opportunities and Potential
Given the steady increase in property values, Fortune presents potential investment opportunities for both residential properties and rental units. The housing sector’s consistent growth indicates that purchasing property could yield capital gains over the long term. Investors looking to enter the rental market can find value in the apartment sector which shows modest yet continuous growth.
Furthermore, with population growth outstripping national averages, there is an expected rise in demand for housing which may lead to higher occupancy rates and increased rental yields. Investors should consider both current trends and long-term economic development plans within Fortune when assessing the potential return on investment.
Future Market Outlook
The future outlook for Fortune’s real estate market remains optimistic. The combination of steady price growth, population increase, and local economic factors suggests that the housing demand will continue to rise. Should these trends hold, investors can expect continued appreciation in property values along with potentially higher returns from rental income.
However, it is important to monitor external economic factors such as interest rates, employment levels within the region, and broader provincial economic policies that could influence buyer affordability and impact the overall health of the real estate market.
