Trepassey, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $480,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $480,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| 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 Trepassey, Newfoundland and Labrador is currently experiencing stable growth, as indicated by the year-over-year increase in housing prices. The median house price stands at $480,000, with an upward trend of 3% from the previous year. This suggests a healthy demand for single-family homes in the area. Similarly, the median apartment price has seen a more modest increase of 1.5% year-over-year, reaching $290,000. This slower rate of growth could indicate a relative abundance of apartment inventory or a lesser demand when compared to houses.
The population of Trepassey is currently around 15,000 and has been growing at a rate of 3.4%. This increase in population is likely contributing to the demand for housing and can be seen as a positive sign for continued market growth.
Investment Opportunities and Potential
Given the steady appreciation in property values, Trepassey presents itself as a promising area for real estate investment. The consistent rise in median house prices may attract investors looking for long-term capital gains. Additionally, the growing population suggests that rental properties could also be a viable investment strategy to cater to new residents who may not be ready to purchase homes.
The slower growth rate in the apartment sector might present opportunities for investors to enter the market at a relatively lower entry point compared to houses. Moreover, if future trends indicate an increase in demand for apartments, early investors could benefit from significant appreciation over time.
Future Market Outlook
Looking ahead, the Trepassey real estate market shows potential for continued growth. The ongoing population increase is expected to drive demand for both buying and renting properties. The current trends suggest that single-family homes may offer the best capital appreciation potential; however, investors should keep an eye on demographic shifts that could affect the types of housing in demand.
If economic conditions remain favorable and support the current population growth trend, it’s reasonable to expect that both segments of the market—houses and apartments—will continue to see value appreciation. Investors and potential homeowners should monitor local developments closely, such as infrastructure projects or changes in employment opportunities, which could further influence the real estate market’s trajectory.
