Renfrew, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $310,000 |
| 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 | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $355,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| 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
As of the latest market data, Renfrew, Nova Scotia’s real estate market presents a stable growth scenario. The median house price currently stands at $495,000, reflecting a year-over-year increase of 3.2%. This indicates a steady appreciation in property values, suggesting a healthy demand for single-family homes. Similarly, the median apartment price has reached $310,000 with a slightly lower growth rate of 2.5% year-over-year. This difference in growth rates may signal a stronger preference for detached housing in the region.
The population of Renfrew is 15,200 and has been growing at a rate of 2.7%, which is indicative of an increasing demand for housing. The consistent population growth is likely contributing to the sustained rise in property values as more people seek accommodation within the region.
Investment Opportunities and Potential
Considering Renfrew’s steady population increase and consistent property value appreciation, investment opportunities appear promising. For investors prioritizing long-term capital gains, purchasing single-family homes could be particularly beneficial given the higher growth trend in this segment.
Apartments also present an attractive investment opportunity due to their lower entry price point and solid appreciation rate. Investors may find potential in the rental market as well, driven by individuals or smaller households who prefer apartment living or cannot afford to purchase homes in the current market climate.
Furthermore, with the local economy adapting to accommodate the growing population, new development projects and infrastructure improvements could present additional investment opportunities that cater to the expanding community’s needs.
Future Market Outlook
The future real estate market outlook for Renfrew appears cautiously optimistic. Assuming current trends continue, we can expect ongoing modest increases in property values across both houses and apartments. The sustained population growth is likely to continue fueling demand for housing, which may result in persistent upward pressure on prices.
However, potential investors should remain vigilant about regional economic factors, interest rates changes, and national housing policies that could impact market conditions. Keeping abreast of local developments will be key to making informed investment decisions as the market evolves.
In summary, Renfrew’s real estate market exhibits stability with moderate growth potential. Investors looking to capitalize on this trend should consider both short-term gains through rental income and long-term appreciation when evaluating properties in this region.
