Westmount, 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
The real estate market in Westmount, Nova Scotia currently showcases a stable and growing environment. With a median house price of $500,000, the market has experienced a moderate year-over-year growth of 3.5%. This indicates a healthy demand for housing that is keeping up with inflation and economic conditions in the region.
Apartments in Westmount are also seeing incremental growth, with a median price of $300,000 and a year-over-year increase of 2.1%. This slower rate compared to houses suggests that the apartment market is less volatile and may appeal to buyers looking for more affordable entry points into real estate ownership or investment.
The population in Westmount is relatively small at 15,000 residents but has seen a notable increase of 7.1%. This population growth can be a driving factor behind the demand for housing, contributing to the steady appreciation in property values.
Investment Opportunities and Potential
Investors looking to capitalize on the growth in Westmount should consider both the residential housing and apartment sectors. The consistent rise in property values offers potential for capital gains over the long term. Additionally, population growth suggests an increasing demand for rental properties, which could benefit landlords seeking steady income streams.
The higher percentage increase in house prices indicates that single-family homes may offer better potential for appreciation than apartments. However, since apartments have a lower entry price point and have also shown consistent growth, they represent an accessible investment opportunity with potential for rental income.
With the current trends indicating ongoing development and desirability of the region, properties situated near amenities such as schools, shopping centers, and public transportation are likely to be particularly attractive investment targets.
Future Market Outlook
The future real estate market outlook for Westmount appears promising. The combination of steady population growth and consistent property value increases lays a strong foundation for continued market stability. As long as economic conditions remain favorable and infrastructure developments keep pace with population expansion, the local real estate market is poised to maintain its upward trajectory.
It’s important for investors to monitor factors such as employment rates, interest rates, and any government policies affecting homeownership to stay ahead of potential shifts in the market. For now, those invested in the Westmount real estate market can be cautiously optimistic about their prospects for continued growth and return on investment.
