Gillams, Newfoundland and Labrador 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 Gillams, Newfoundland and Labrador, is currently experiencing a steady growth in property values. The median house price stands at $500,000, showing a healthy year-over-year increase of 3.5%. This indicates a robust demand for houses in this area, likely spurred by both local factors and broader provincial trends. Meanwhile, the median apartment price is $300,000, with a slightly lower annual appreciation rate of 2.1%. This suggests that while apartments are also increasing in value, they may be doing so at a more moderate pace compared to houses.
With a population of 15,000 that has grown by 7.1%, the area is seeing an influx of new residents. This population growth can be attributed to various factors including economic opportunities, lifestyle preferences, and regional development initiatives. The growing population is likely contributing to the increased demand for housing in Gillams.
Investment Opportunities and Potential
Given the steady rise in property values and the significant population growth, Gillams presents promising investment opportunities. Investors looking to capitalize on the single-family home market can expect continued appreciation if current trends persist. The 3.5% increase in median house prices suggests that investments in this sector could yield favorable returns.
Apartments offer a slightly different investment profile with their lower appreciation rate of 2.1%. However, they might still appeal to investors targeting a rental market that could expand due to the growing population or those seeking more affordable entry points into the property market.
Moreover, the growing population implies potential for further development of retail, commercial and multi-residential projects which could provide diverse investment opportunities beyond the residential sector.
Future Market Outlook
The future outlook for Gillams’ real estate market remains optimistic given current trends and data. If the population continues to grow at or above the current rate of 7.1%, it is likely that demand for housing will remain strong. Consequently, both median house and apartment prices may continue their upward trajectory.
However, it’s important for investors to consider external economic factors such as interest rates, employment rates within Newfoundland and Labrador, and national economic performance when evaluating long-term investments. Local industry developments or policy changes could also influence future market conditions.
In summary, Gillams presents itself as an attractive market with solid growth in property values and significant potential for investors due to its expanding population base. Continued monitoring of economic indicators and demographic trends will be crucial for those looking to make informed decisions about entering or exiting this market.
