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
As of the latest available data, the real estate market in Truro, Nova Scotia, exhibits stable growth. The median house price stands at approximately $500,000, marking a year-over-year increase of 3.5%. This steady appreciation suggests a healthy demand for single-family homes within the area. Similarly, apartments show positive momentum with a median price of $300,000, accompanied by a year-over-year trend rising at 2.1%. These figures are indicative of an overall balanced real estate environment, buoyed by consistent demand across different housing types.
The population of Truro is currently estimated at around 15,000 residents, with a noteworthy growth rate of 7.1%. This demographic expansion contributes to the underlying demand for housing and supports the ongoing development within the region. Additionally, the sustained population increase is likely to perpetuate the current upward trajectory in property values and rental rates.
Investment Opportunities and Potential
Investors eyeing Truro’s real estate market may find potential in both residential and rental properties. Given the median house price growth, purchasing single-family homes could be a strategic long-term investment, as continued appreciation can lead to significant capital gains. Furthermore, with apartments experiencing a steady climb in value, multi-unit residential buildings offer appealing prospects for both asset appreciation and rental income generation.
The town’s increasing population suggests that there will be an enduring need for housing, making new construction projects particularly promising. Investors may consider engaging in developments that cater to various market segments, including affordable housing, luxury apartments, or retirement communities to capitalize on diverse demographic needs.
Future Market Outlook
The future real estate market outlook for Truro appears optimistic. The consistent growth in property values is projected to persist as the town continues to expand and attract new residents. The robust population growth rate indicates that housing demand should remain strong, underpinning both the resale market and new construction activities.
In light of these trends, it is reasonable to anticipate that investment in Truro’s real estate will continue to be rewarding. Nonetheless, as with any investment decisions, individual investors should consider factors such as interest rates, economic stability, and local policy changes that might impact market dynamics. Keeping abreast of regional developments will be crucial to making informed investment choices in Truro’s evolving real estate landscape.
