Renfrew, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Renfrew, Nova Scotia is currently experiencing a period of growth. The median house price stands at $500,000, with a year-over-year increase of 4%. This steady appreciation indicates a healthy demand for single-family homes in the region. Meanwhile, the apartment market is also showing positive movement with a median price of $290,000 and a more modest growth rate of 1.9% year-over-year. These trends reflect a balanced market where both housing types are gaining value at sustainable rates.
The 3.4% population growth underscores the increasing demand for housing as more people move to Renfrew for its economic opportunities and lifestyle benefits. This demographic trend is contributing to the dynamism seen in the local real estate market.
Investment Opportunities and Potential
Given the upward trajectory of home values and consistent population growth, Renfrew presents attractive investment opportunities. The single-family home segment offers a solid potential for capital appreciation due to its higher annual increase in median prices. Investors may identify opportunities in purchasing properties to hold for medium to long-term gains or consider renovations and flips in this segment due to the steady demand.
On the other hand, apartments with their lower entry price point and steady appreciation present a viable option for investors looking for rental income properties. With a growing populace, the demand for rental units is likely to increase, which could lead to higher rental yields over time.
Future Market Outlook
The future outlook for Renfrew’s real estate market remains positive. The sustained population growth suggests that demand for housing will continue to rise, potentially leading to further increases in property values. If current economic conditions persist and the influx of new residents continues as projected, the market should maintain its upward momentum.
However, potential investors should keep an eye on broader economic indicators and be aware of national policies that could impact interest rates or borrowing conditions. Monitoring these factors will be critical in making informed investment decisions moving forward.
In summary, Renfrew’s real estate market shows signs of steady growth with promising prospects for both immediate investments in terms of rental income properties and long-term capital gains through property appreciation.
