Gallants, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
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 Gallants, Newfoundland and Labrador, is currently experiencing a steady growth in housing prices. The median house price in the region stands at $485,000, which represents a 3.3% increase year-over-year. This suggests a healthy demand for housing in the area, accompanied by a moderate appreciation in property values.
Similarly, the apartment sector is also showing positive momentum with the median apartment price at $295,000 and an annual growth rate of 1.9%. Although the increase in apartment prices is less pronounced than that of houses, it indicates a stable market with consistent demand for more affordable housing options.
The population of Gallants is currently around 15,500 residents, with a notable growth rate of 3.33%. This population increase is likely contributing to the sustained demand in real estate, as new residents seek both rental and owner-occupied housing.
Investment Opportunities and Potential
The current market conditions indicate that investment opportunities are ripe in Gallants. The steady increase in property values presents potential for long-term capital gains for investors. The consistent population growth further substantiates the need for additional housing and may forecast continued demand.
Investors looking to tap into the rental market could benefit from the population increase, as those relocating to Gallants may initially seek rental accommodations. Furthermore, with apartments experiencing a more modest price increase compared to houses, investors might find more accessible entry points into the market through purchasing apartments or developing multi-family units.
The diversification of property types—from single-family homes to multi-unit apartments—provides various investment pathways that can accommodate different investment strategies and capital availabilities.
Future Market Outlook
Gallants’ real estate market outlook appears optimistic given the current trends. The ongoing population growth is expected to persist as economic drivers in Newfoundland and Labrador attract new residents seeking employment and lifestyle opportunities. This demographic trend should bolster real estate demand well into the future.
While current price trends suggest upward momentum, investors and homebuyers should monitor local economic indicators such as employment rates, infrastructure development projects, and interest rate fluctuations which could affect affordability and mortgage costs.
In conclusion, Gallants’ real estate market presents promising prospects for both residential living and investment purposes. Stakeholders would be well-advised to consider local market dynamics while also keeping an eye on broader provincial trends that could influence future property values and desirability.
