Whiteway, Newfoundland and Labrador 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 Whiteway, Newfoundland and Labrador is exhibiting steady growth. With a median house price set at $500,000 and experiencing a year-over-year increase of 3.5%, the residential sector is showing resilience and upward momentum. The median apartment price stands at $300,000, with a slightly lower growth rate at 2.1% year-over-year. These statistics reflect a stable market that is likely benefiting from the area’s growing population, which has seen a significant increase of 7.1%, now totaling 15,000 residents. This demographic shift suggests a rising demand for housing in the region.
Investment Opportunities and Potential
Investors looking to enter or expand within the Whiteway real estate market may find promising opportunities, especially considering the consistent growth trends in property values. The current trajectory of house and apartment prices points towards a positive investment climate. With the population increasing at a healthy rate, there may be heightened demand for both rental properties and homes for sale, presenting potential for capital gains as well as stable rental income streams for those investing in residential real estate. Furthermore, with apartment prices increasing at a slower pace compared to houses, there could be untapped potential in the multi-family housing market that investors might capitalize on.
Future Market Outlook
The future outlook for Whiteway’s real estate market remains optimistic based on the current data and trends observed. The continuous growth in population is indicative of an expanding local economy which could further fuel demand for housing. Should these demographic and economic trends persist, it is reasonable to expect that property values will continue to rise steadily over time. However, investors should remain vigilant of broader economic conditions that could impact interest rates, employment levels, and overall affordability—factors that can significantly influence market dynamics. Nevertheless, the strong foundational indicators suggest Whiteway’s real estate market may continue along its positive path into the foreseeable future.
