Paradise, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| 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
The real estate market in Paradise, Newfoundland and Labrador is experiencing steady growth characterized by a year-over-year increase in property values. The median house price in the area currently stands at $495,000, which reflects a growth rate of 3.2% over the past year. This suggests a stable and gradually appreciating housing market.
In contrast, the median apartment price is significantly lower at $295,000 but also exhibits positive growth with a 2.5% increase compared to the previous year. This less pronounced growth rate for apartments may indicate a slightly softer market for multi-family units compared to single-family homes.
The population of Paradise has reached approximately 15,200 residents and is continuing to expand at a healthy rate of 2.7%. The increasing population is likely contributing to the steady demand for housing in the region, thereby supporting the upward trend in property prices.
Investment Opportunities and Potential
The consistent growth in property prices combined with the ongoing population increase signals robust investment potential in Paradise. Investors looking to enter the real estate market could benefit from both capital appreciation and rental income opportunities due to the continued demand for housing.
Single-family homes appear to be leading the market in terms of appreciation, indicating a strong potential for investors focused on this segment. However, apartments offer an accessible entry point into the market with a slightly lower yet positive appreciation rate, suggesting that they can be a good option for investors seeking more affordable investments or diversification within their real estate portfolio.
Future Market Outlook
The future outlook for Paradise’s real estate market remains optimistic given the current trends and demographic factors. The steady population growth is expected to maintain demand for housing, which should underpin property values moving forward. Assuming no major economic disruptions occur, both housing sectors (single-family homes and apartments) are poised for continued gradual appreciation.
Investors should remain mindful of national and global economic conditions as they can influence mortgage rates, employment stability, and consumer confidence—all of which can impact local real estate markets. Nevertheless, Paradise’s current trajectory suggests that it holds promise as a stable environment for real estate investment with potential for long-term growth.
