Whiteway, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $499,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Whiteway, Newfoundland and Labrador, is currently showcasing steady growth with median house prices sitting at $499,000, reflecting a year-over-year increase of 3.2%. This indicates a healthy upward trend in property values within the region. Meanwhile, the median price for apartments stands at $295,000, which has risen by 2% year-over-year. The moderate price growth in both housing categories suggests a stable market that is attractive to both buyers and sellers.
The local population has reached 15,200 residents and is on an upward trajectory with a growth rate of 2.7%. This demographic expansion can be linked to the demand for housing and may serve as a catalyst for future real estate investments.
Investment Opportunities and Potential
Given the current market conditions, investment opportunities in Whiteway are promising. The consistent rise in property values offers potential for capital gains over the long term. Investors looking to enter the market could benefit from focusing on single-family homes due to their higher appreciation rate compared to apartments.
The steady population growth also hints at an increasing demand for rental properties. Investors may find potential in purchasing rental units or developing multi-family dwellings to cater to newcomers and residents seeking affordable housing options.
Future Market Outlook
The outlook for Whiteway’s real estate market appears optimistic. The ongoing population increase is expected to continue bolstering demand for housing. If current trends persist, property values are likely to maintain their upward trajectory, presenting favorable conditions for sustained investment returns.
In conclusion, Whiteway presents itself as a burgeoning market with solid fundamentals backing its growth narrative. Stakeholders should monitor key indicators such as employment rates, economic performance, and infrastructural developments closely as these will further shape the real estate landscape in Whiteway.
