Lethbridge, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $499,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $289,000 |
| Monthly growth | 0.5% |
| Quarterly trend | 1.7% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $499,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,800 |
| Previous Population (2020) | 15,200 |
| Population Change | 3.9% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Lethbridge, Newfoundland and Labrador, the real estate market is currently experiencing a steady growth. The median house price stands at $499,000, which is an indication of the area’s desirability and economic stability. This figure represents a 2.8% year-over-year increase, suggesting that housing prices are gradually rising, albeit at a moderate pace. In contrast, apartments in Lethbridge show a slightly different trend with the median price being $289,000 and witnessing a 1.7% year-over-year increase. These figures indicate a relatively more affordable entry point for real estate investment in the apartment sector compared to houses.
The population of Lethbridge is approximately 15,800 residents with a robust growth rate of 3.9%. This population growth can be attributed to the town’s attractive living conditions and potential for economic development, which in turn fuel demand in the real estate market.
Investment Opportunities and Potential
Lethbridge presents several investment opportunities, particularly for those looking to enter the market at a lower price point. The consistent rise in property values suggests that investments made now have the potential for capital gains in the mid to long term. The higher percentage increase in house prices compared to apartments indicates that single-family homes might offer better appreciation potential.
Given the population growth rate, there is also potential for rental investments as newcomers will likely seek accommodation. With both housing types showing upward trends in pricing, investors can capitalize on both outright purchase for resale or rental property management.
Future Market Outlook
The future outlook for Lethbridge’s real estate market remains optimistic. The sustained population growth speaks to an ongoing demand for housing which should continue supporting property values. The moderate but steady increases in house and apartment prices suggest that the market is not experiencing volatile swings, which bodes well for sustained long-term growth.
In conclusion, while no market is without risk, Lethbridge offers promising prospects for both new entrants and seasoned investors seeking stable growth and returns on their real estate investments.
