Torbay, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| 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 | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.1% |
| 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 Torbay, Newfoundland and Labrador is experiencing a period of moderate growth. The median house price stands at $510,000, which marks a 4.2% year-over-year increase. This trend indicates a healthy demand for single-family homes in the region, reflecting both the desirability of the area and a growing economy.
Similarly, the median apartment price has seen an uptick, currently sitting at $315,000, with a more modest 2.5% year-over-year increase. This slower rate of growth may suggest a more balanced market for apartments, allowing for potential affordability that appeals to first-time home buyers and investors alike.
The population of Torbay is approximately 15,200, having grown by 5.14%. Population growth is often a leading indicator of housing demand, and this significant increase suggests that Torbay is becoming an increasingly attractive location for residents and businesses.
Investment Opportunities and Potential
With the observed steady growth in property values, Torbay offers promising investment opportunities. The rising median house price signifies potential for capital appreciation over time, making it appealing for long-term real estate investors. Furthermore, the population growth implies an expanding rental market which investors can capitalize on through residential rental properties.
The apartment sector, while growing at a slower pace compared to houses, presents an opportunity for entry-level investments due to its relative affordability. Investors looking to diversify their portfolio might consider the apartment market as a means to cater to singles, young professionals, or small families who prefer the convenience of apartment living.
Future Market Outlook
The future market outlook for Torbay is cautiously optimistic. Assuming current trends continue, property prices are likely to maintain their upward trajectory albeit at potentially fluctuating rates as the market responds to broader economic factors. The ongoing population growth should sustain demand for housing and could lead to further development in the area.
However, investors should be mindful of external economic conditions such as interest rates changes, employment rates within Newfoundland and Labrador, and any regulatory changes affecting homeownership which could impact market dynamics.
In conclusion, while there are positive indicators suggesting that Torbay’s real estate market will continue to grow, investors should keep abreast of local and national economic trends when making decisions about entering or expanding within this market.
