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
The real estate market in McKay’s, Newfoundland and Labrador is currently experiencing a period of steady growth. The median house price in the area is $500,000, which represents a 3.5% increase over the past year. Additionally, the median apartment price stands at $300,000, with a more modest year-over-year growth of 2.1%. These statistics indicate a healthy market that is growing at a sustainable pace.
The population of McKay’s has reached approximately 15,000 residents, showing a robust growth rate of 7.1%. This demographic trend suggests an increasing demand for housing in the region. Given the positive correlation between population growth and real estate demand, current trends are likely to continue supporting property values.
Investment Opportunities and Potential
Investors looking to enter the McKay’s real estate market may find attractive opportunities, particularly in the residential sector. The consistent appreciation in property values presents a potential for capital gains over time. Moreover, the strong population growth could lead to higher demand for rental properties, making buy-to-rent investments particularly appealing.
The current growth trend in house prices indicates that investing in standalone homes could yield substantial returns. However, apartments should not be overlooked as they also show steady appreciation and might offer lower entry points for investment along with potentially higher rental yields due to their affordability.
An important consideration for investors is the sustainability of these trends, which appears favorable given the underlying demographic shifts and economic stability of the region.
Future Market Outlook
The future market outlook for McKay’s remains optimistic. Population growth is expected to continue serving as a catalyst for housing demand, supporting both price stability and progressive increases. Furthermore, if current economic conditions persist and no significant external shocks occur, both housing and apartment markets should maintain their upward trajectories.
Given these factors, it would be reasonable to forecast ongoing moderate price appreciation in McKay’s real estate market for both houses and apartments. Investors who prioritize long-term growth may find this market particularly attractive. It is advisable, however, to monitor local economic indicators and stay informed about regional developments that could impact future market conditions.
