Whycocomagh, 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 | 0.7% |
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 | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Whycocomagh, Nova Scotia, is currently experiencing steady growth. The median house price stands at $485,000, with a year-over-year increase of 4%. This indicates a solidifying market that is consistently attracting homebuyers and investors alike. On the other hand, the apartment sector is seeing a gentler upward trend with the median apartment price at $295,000 and a 2.5% increase over the past year. These trends suggest a balanced expansion across different types of housing within the market.
The population growth rate of 3.4% further supports the demand for housing in Whycocomagh. This demographic expansion can be attributed to various factors such as attractive job opportunities, lifestyle preferences, and the region’s natural beauty coupled with affordable living costs compared to larger Canadian cities.
Investment Opportunities and Potential
Investors looking for opportunities in Whycocomagh’s real estate market will find potential in both residential properties and rental apartments. The consistent rise in housing prices signals a strong potential for capital gains over time. The growing population also points towards an increasing demand for rental accommodations, making apartment investments particularly appealing.
The current market conditions suggest that there is room for development projects aimed at expanding the housing stock to meet the rising demand. Furthermore, given the lower entry point for apartments, first-time investors or those with limited capital might find this segment more accessible.
Future Market Outlook
The future outlook for Whycocomagh’s real estate market appears promising. As population growth continues to outpace national averages, it is likely that demand for housing will remain robust. If current economic conditions persist and interest rates remain favorable, we can expect both house and apartment prices to maintain their upward trajectory.
However, potential investors and homebuyers should monitor local economic developments and infrastructure investments that could further influence property values. In conclusion, Whycocomagh presents itself as an attractive locale for both residential living and real estate investment with expectations of continued market growth.
