Paradise, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.9% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| 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, currently exhibits stable growth, with the median house price standing at $495,000, marking a 3.3% increase year-over-year. This suggests a steady demand for housing, reflecting both local economic stability and the attractiveness of the region to potential homeowners.
Apartments in Paradise show a more modest growth rate, with median prices at $290,000 and witnessing a 1.9% rise year-over-year. This could indicate that while the market is healthy, there is less volatility—and perhaps less speculation—in this segment compared to the single-family home market.
The demographic trend also plays a pivotal role; with a population of 15,200 that has grown by 4.8%, there is an influx of residents who contribute to the demand for housing. This population growth can be seen as both a response to and a catalyst for the positive economic conditions in Paradise.
Investment Opportunities and Potential
Investors considering Paradise will find opportunities in both the single-family home and apartment sectors. The steady growth in median house prices suggests that investing in residential properties could yield favorable returns. The continuous demand implied by the population increase may lead to a prolonged period of property value appreciation.
Apartments offer an alternative investment route with slightly lower capital requirements due to their lower median price point. The growth trend here indicates ongoing but potentially more stable returns on investment, which might be particularly attractive to those looking for lower-risk investments.
Furthermore, as the demand for rental properties may rise alongside population growth, investors could benefit from both capital appreciation and rental income streams over time.
Future Market Outlook
The future market outlook for Paradise remains optimistic given current trends. Continued population growth is likely to maintain or even increase demand for housing. If local economic conditions remain favorable or improve further, this could support sustained growth in property values across both houses and apartments.
However, investors must remain cognizant of broader economic factors such as interest rates, employment rates within the region, and national housing policies which could affect the real estate market’s trajectory. Vigilance regarding these external factors should be maintained for informed decision-making.
In summary, Paradise presents an appealing market for real estate investment with stable year-over-year growth in property values and promising demographic trends. Diligent monitoring of local and national economic indicators will be key to optimizing investment strategies moving forward.
