Westmount, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| 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 | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
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) | 1.4 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The Westmount, Nova Scotia real estate market is currently experiencing steady growth. The median house price in the region stands at $485,000, which indicates a year-over-year increase of approximately 4%. This increment suggests a stable appreciation in house values in the locality, reflecting ongoing demand for residential properties.
In contrast, the median apartment price is positioned at a more accessible $295,000, climbing at a slightly more moderate pace with a 2.5% year-over-year trend. This differential growth rate between houses and apartments may reflect differing market dynamics, with single-family homes being in higher demand compared to apartments or perhaps an increase in luxury apartment offerings that are not in as high demand.
The population of Westmount stands at about 15,000 residents and has shown a robust growth rate of 3.4%. The influx of new residents could be attributed to local economic factors, lifestyle preferences for smaller communities or the general desirability of the area. This demographic trend is likely contributing to the sustained property value increases.
Investment Opportunities and Potential
The solid population growth paired with consistent property value appreciation indicates healthy investment opportunities in Westmount’s real estate market. Investors may find particular potential in the housing sector given its stronger growth trend. The market presents an opportunity for both long-term capital gains and rental income strategies as demand for housing continues to rise alongside population growth.
Moreover, given that apartment prices are rising at a slower rate than houses, there might be an opportunity for investors to enter the market at a lower price point while still benefiting from overall property value appreciation within the region. This could appeal to those looking to invest in rental properties targeted towards smaller households or professionals.
Future Market Outlook
Moving forward, the Westmount real estate market is projected to maintain its upward trajectory. The consistent rise in property values coupled with steady demographic expansion sets a positive forecast. However, investors should remain attentive to broader economic conditions and local developments which could influence future market dynamics.
As population growth continues to exert pressure on housing demands, it’s reasonable to anticipate further increases in property values over time. Nonetheless, prospective investors should conduct thorough due diligence and consider engaging with local real estate professionals who have nuanced insights into the Westmount market.
