Truro, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Truro, Nova Scotia, the real estate market has been experiencing a steady growth in property values. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This growth rate indicates a healthy demand for housing in the area, which may be partially driven by the town’s population growth of 7.1%. The median apartment price is currently $300,000, with a more modest year-over-year appreciation of 2.1%. Apartments are becoming an increasingly attractive option for individuals and smaller households seeking more affordable housing solutions.
Investment Opportunities and Potential
The positive trends in Truro’s housing market suggest that it could be an opportune time for investors to consider entering this market. The consistent appreciation of house and apartment prices reflects a stable investment environment. With the population growth outpacing many other regions, there is potential for increased rental demand, particularly for apartments which are appreciating at a slower rate compared to houses. This dynamic presents an opportunity for investors to capitalize on the growing need for rental properties.
Future Market Outlook
The future outlook for Truro’s real estate market remains optimistic. The sustained population growth suggests that demand for housing will continue to rise, potentially leading to a continued upward trend in property prices. The current year-over-year increases in the median prices of houses and apartments reinforce confidence in the stability of Truro’s real estate market. Investors and homebuyers can likely anticipate ongoing appreciation in property values, underpinned by the town’s growing economy and demographic trends.
