Garnish, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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
In Garnish, Newfoundland and Labrador, the real estate market is currently experiencing steady growth. The median house price in the region stands at $520,000, with a year-over-year increase of 4%. This indicates a resilient market that has been appreciating at a moderate pace. Meanwhile, the median apartment price is $310,000, which has seen a slightly lower year-over-year growth of 2.5%.
The population of Garnish has reached approximately 15,500 residents, with a notable growth rate of 3.3%. This demographic expansion supports the demand for housing and could be contributing to the stable appreciation in property values observed in the area.
Investment Opportunities and Potential
With the consistent growth in property values, investors might find attractive opportunities in Garnish’s real estate market. The sustained increase in house prices suggests that investments in residential properties could yield solid returns over time. Furthermore, the growing population implies a rising demand for rental properties, which could benefit investors looking to enter the landlord market.
The more modest growth rate for apartments may appeal to investors seeking more affordable entry points into the real estate market while still capitalizing on gradual appreciation and potential rental income.
Future Market Outlook
The future outlook for Garnish’s real estate market appears promising. Given the steady population growth and consistent appreciation of property values, it is reasonable to anticipate that these trends will continue in the near term. If economic conditions remain favorable and the influx of residents persists, Garnish could sustain its trajectory as a burgeoning market with sound investment prospects.
However, as with any investment, potential risks such as economic downturns or changes in local industries should be taken into consideration when evaluating long-term projections.
