Ramea, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| 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 | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| 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 Ramea, Newfoundland and Labrador, currently presents a stable environment for both buyers and sellers. With a median house price of $485,000 and a modest year-over-year increase of 2.8%, the market is showing consistent growth. This indicates a balanced market where prices are rising at a sustainable rate.
For the apartment sector, the median price stands at $295,000 with a slightly lower growth trend of 1.9% year-over-year. This slower pace suggests that apartments are becoming an increasingly appealing option for individuals seeking more affordable housing in Ramea.
The population of Ramea has seen a healthy growth of 3.3%, which could be contributing to the steady demand for housing in the region.
Investment Opportunities and Potential
As the population continues to expand, investment in Ramea’s real estate offers potential for both short-term rental returns and long-term capital appreciation. The current growth rates indicate that investing now could secure gains as the market maintains its upward trajectory.
For investors looking at the residential sector, single-family homes show a higher growth rate compared to apartments, suggesting stronger potential for capital gains in this segment. However, apartments offer an entry point into the market at a lower price point, which may be particularly attractive to first-time investors or those with limited capital.
Given the overall stability of the market and the town’s growing population, real estate investments in Ramea could be considered relatively low-risk with reasonable expectations for return on investment (ROI).
Future Market Outlook
The future outlook for Ramea’s real estate market appears optimistic. Continuous population growth is likely to drive demand for housing further. If economic conditions remain favorable and interest rates stable, we can expect sustained growth in property values across both houses and apartments.
Additionally, infrastructure developments or enhancements in local amenities could amplify Ramea’s attractiveness as a residential destination, potentially accelerating market growth beyond current trends.
However, investors should remain vigilant about regional economic factors and national policy changes that may impact mortgage rates or property taxes, which in turn could affect overall market health.
