Salvage, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $290,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 3 bedrooms | $420,000 |
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 in Salvage, Newfoundland and Labrador
In Salvage, Newfoundland and Labrador, the real estate market is currently experiencing steady growth. The median house price stands at $485,000, reflecting a year-over-year increase of 4%. This consistent appreciation in home values indicates a healthy demand for housing in the area. Similarly, the median apartment price has reached $290,000, with a slightly lower growth rate of 2.5% year-over-year. These figures suggest that while both segments of the housing market are growing, single-family homes are in higher demand.
The local population has been on an upward trajectory with growth recorded at 2.7%. Such demographic changes are likely contributing to the increased demand for housing. Additionally, with a population of 15,200 individuals, Salvage’s market is expanding albeit at a moderate pace compared to larger urban centers.
Investment Opportunities and Potential
Investors considering Salvage will find potential in both the single-family home sector and the apartment market. The stronger growth in house prices suggests that there may be more significant capital gains to be made in purchasing single-family homes. However, apartments offer a more accessible price point at $290,000, which may appeal to first-time investors or those looking for lower-cost investment opportunities.
Given the positive population growth rate, demand for rental properties could increase as newcomers seek accommodation before potentially buying homes. Investors might also explore opportunities such as vacation rentals, given Newfoundland and Labrador’s growing reputation as a tourist destination.
Future Market Outlook
The future market outlook for Salvage appears cautiously optimistic. Steady population growth should continue to underpin demand for housing. If current trends persist, both the house and apartment markets can expect continued growth in valuation; however, external economic factors such as employment rates and interest rates could impact these projections.
Given the moderate yet steady appreciation rates observed over the past year—4% for houses and 2.5% for apartments—investors can anticipate continued investment performance along similar lines barring unforeseen circumstances. Overall, Salvage’s real estate market may not exhibit the volatility of larger markets but instead offers stability and gradual growth potential.
It is important for investors to keep abreast of regional economic developments and infrastructure investments which could further stimulate the local real estate market and potentially increase property values above current trend levels.
