Pitaga, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| 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 | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.7% |
| 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 Pitaga, Newfoundland and Labrador, is currently experiencing steady growth. The median house price stands at $485,000, reflecting a year-over-year increase of 3.3%. This consistent rise in housing prices suggests a stable market that is managing to grow modestly despite broader economic challenges. Similarly, apartments are also seeing an upward trend with the median price reaching $295,000, up by 2.5% from the previous year.
The population of Pitaga has grown to 15,200 residents, marking a significant growth rate of 5.7%. This influx of new residents is likely contributing to the increased demand for housing in the area and may be a driving factor behind the rising property values.
Investment Opportunities and Potential
With both segments of the real estate market showing positive trends, Pitaga presents attractive investment opportunities. The steady climb in house prices indicates that there is ongoing demand for residential properties which can assure investors of potential capital gains over time. The rental market could also be lucrative given the population growth, as newcomers may first look to rent before purchasing homes.
Investors looking to capitalize on lower entry costs might consider the apartment sector due to its lower median price point compared to houses. The annual growth rate for apartments, while slightly lower than that for houses, still suggests a reliable appreciation in value over the long term.
Future Market Outlook
Looking ahead, the real estate market in Pitaga appears promising. Continued population growth can be expected to drive demand for both rental and owner-occupied housing. If economic conditions remain favorable and the current rates of growth persist, we could anticipate further moderate increases in property values across both houses and apartments.
It will be important for investors and potential homeowners alike to monitor factors such as local employment rates, economic development initiatives, and interest rates as they can significantly impact future real estate market dynamics. Nevertheless, given current trends and statistics, Pitaga’s real estate market holds a positive outlook for those considering investment in this region.
