Victoria, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.9% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Victoria, Newfoundland and Labrador, is currently experiencing moderate growth. With a median house price of $485,000 and an upswing trend of 2.9% year-over-year, the residential sector shows healthy appreciation. Apartments are also seeing a positive shift with a median price of $295,000 and a 2% growth year-over-year.
This steady growth is supported by an increasing population, which has risen by 3.3%, indicating a growing demand for housing in the area. The market dynamics suggest that Victoria is attracting new residents, which may be due to economic opportunities, lifestyle preferences, or other demographic factors.
Investment Opportunities and Potential
For investors considering Victoria’s real estate market, there is potential for both capital gains and rental income. The consistent increase in property values indicates that purchasing residential properties could be a sound long-term investment. Additionally, with the population growth outpacing national averages, rental demand is likely to increase, leading to potentially higher rental yields for investors.
The market offers opportunities for various types of investors; those looking at single-family homes can capitalize on the higher median house price growth rate of 2.9%, whereas those interested in apartments can benefit from a solid growth rate of 2% year-over-year coupled with potentially lower entry costs.
Future Market Outlook
The future outlook for Victoria’s real estate market appears optimistic. Population growth continues to be a strong indicator of demand for housing. If the current population trend maintains its pace or accelerates, it could lead to tighter housing supply and upward pressure on prices over time.
Additionally, as long as economic conditions in Newfoundland and Labrador remain stable or improve, we expect the real estate market to continue its moderate but steady trajectory of growth. Investors and homebuyers should keep an eye on macroeconomic factors such as employment rates, interest rates, and regional economic policies that could impact the market.
In conclusion, Victoria’s real estate market holds promise for both owner-occupiers and investors due to its combination of steady price appreciation, population growth, and potential for increased rental demand. As always, prospective buyers and investors should perform due diligence and consider consulting with local real estate professionals before making any investment decisions.
