Mckays, 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 in Mckays, Newfoundland and Labrador
The real estate market in Mckays, Newfoundland and Labrador, is currently experiencing a steady increase in property values. The median house price stands at $500,000, which has risen by 3.5% year-over-year. This indicates a healthy demand for homes in the area, reflecting both local economic stability and buyer confidence. The market for apartments is also showing positive momentum, with the median apartment price at $300,000, trending upwards at a rate of 2.1% year-over-year.
The population of Mckays has grown to 15,000 residents, marking a substantial growth rate of 7.1%. This demographic trend suggests that the demand for housing will continue to rise as more people move to the area for its economic opportunities and lifestyle offerings.
Investment Opportunities and Potential in Mckays
Given the current growth trajectory and the increasing property values, Mckays presents several attractive investment opportunities. For investors considering long-term capital gains, purchasing residential properties could be lucrative due to the steady appreciation indicated by the current house and apartment price trends. Rental properties are also likely to be a sound investment as the population increase may lead to higher demand for rental accommodations.
With a robust population growth rate of 7.1%, there is potential for new developments and construction projects to meet the housing needs of this expanding community. Investors could explore opportunities in both residential and commercial real estate sectors considering any infrastructure improvements or economic diversification plans that might accompany such population growth.
Future Market Outlook for Mckays
The future market outlook for Mckays appears promising. The consistent year-over-year property value increases suggest that there is ongoing confidence in the region’s real estate market stability. If current trends persist, investors can expect continued growth in property values over time.
The significant population increase signals that the demand for housing will likely remain strong or even intensify. Provided that economic conditions within Mckays remain favorable, supporting job creation and income growth, one can anticipate sustained interest from both buyers and renters in the area.
In conclusion, while careful consideration of macroeconomic factors is always recommended when assessing the future of any real estate market, current indicators point towards a positive outlook for Mckays’ real estate market with ample investment opportunities likely to arise as the town continues to grow and develop.
