Portland, 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 Portland, Newfoundland and Labrador, currently exhibits steady growth with the median house price standing at $500,000, reflecting a year-over-year increase of 3.5%. This consistent rise in housing prices indicates a stable market that is attracting homeowner interest and confidence. Meanwhile, the apartment sector has shown a somewhat slower but still positive trend, with a median price of $300,000 and a 2.1% year-over-year increase.
As the population of Portland has grown by 7.1%, reaching approximately 15,000 residents, demand for housing has been on the upswing. This demographic shift is likely contributing to the steady appreciation in property values and is also impacting rental market dynamics.
Investment Opportunities and Potential
Given the current market trends and demographic growth, investment opportunities in Portland are promising. The consistent rise in house prices suggests that purchasing residential properties could yield considerable returns over time through both capital appreciation and rental income. Investors may particularly benefit from targeting single-family homes which are currently experiencing higher demand.
The apartment market also presents potential for investors looking for lower entry points or diversification within their real estate portfolio. With a more modest price appreciation trend, apartments offer stability and can be attractive for renters seeking affordable options in a growing community.
Future Market Outlook
The future outlook for Portland’s real estate market appears positive. Population growth is likely to continue as regional economic development attracts new residents seeking employment opportunities and a high quality of life. As such, both the residential housing and apartment sectors are expected to maintain their upward trajectory.
However, investors should remain aware of broader economic factors that could influence interest rates and construction costs—elements that have historically impacted housing markets across Canada. Keeping abreast of these factors will be crucial in making informed investment decisions going forward.
