Since the onset of 2021, and even in the midst of the pandemic, the Conception Bay real estate market and that of Newfoundland and Labrador have been sizzling. The robust strength of the market has shown resilience despite the negative economic outlook and the global financial crisis. It’s a curious case, but for the experts who’ve studied the real estate market in Conception Bay, it’s not all too surprising as this market has shown steady growth for decades now.
Inside Look at Conception Bay Real Estate
When you are talking about Conception Bay real estate, there are actually two markets that you have to consider: North and South. These two areas exhibit varying trends in the housing market performance, so it is best to look at them separately. Whether you are trying to buy or sell a home in the area, you can use this information to guide your decision.
Conception Bay South Real Estate
The demand for housing in Conception Bay South is a picture of consistency. For this reason, the house prices in this region are slightly higher than other areas within the province of Newfoundland and Labrador. The average house price in NL is $209,000 while the median price for homes in Conception Bay South is $314,900.
Homeowners outnumber renters living in the South. But still, the significant amount of renters living in the area is a positive sign for those who are looking to potentially invest in properties in this neighborhood.
According to this report, the majority of the homes in this neighborhood were built between 1961 and the 1980s. However, a rapid period of construction followed from 1981 to 2000. For these homes, the 3-bedroom model is the most prevalent, accounting for nearly 48% of the homes in Conception Bay South. Homes with 4 or more bedrooms are the next most popular and then 2-bedroom homes represent 17.81% of the dwellings available in Conception Bay South. Obviously, the property prices increase in proportion with the number of rooms. All of these facts are provided by Statistics Canada, as of 2017.
In terms of dwelling types, the single detached home is the most common type available in the Conception Bay real estate market. This is followed by duplex homes, separated by a large margin. In terms of household size, the region is dominated by a 2-person household followed by a 3-person household and 4-person household.
The NL Association of Realtors reports the steady rise in pricing for homes in Conception Bay South from 2019 to 2021. The average house price in December 2019 was $295,294 and this increased to $321,620 in December 2020.
In terms of rental prices, there is a positive outlook for the Conception Bay real estate market. Investors can benefit from the growing demand for the local rental market even though there has been a slight dip in recent years. According to CMHC, the rental pricing in the neighborhood was at an average of $835 in 2017. It rose to $857 in 2018 and $962 in 2019. There was a slight drop in 2020 at $813.
For homes listed in Conception Bay South, there is an average of 99 days on the market (with a maximum of 118 days on the market for luxurious properties). Newly built homes take up to approximately 79 days on the market before they are officially closed.
Conception Bay North Real Estate
Conception Bay North is another area to consider for those looking for homes in the province of Newfoundland and Labrador. This region is made up of 11 municipalities boasting a wide array of unique attractions. Most of these neighborhoods are historic communities that offer a mix of historic landmarks and modern amenities.
The real estate market in Conception Bay North is slowly gaining traction. While the South is still more in demand, you can find a variety of property types in this area. Based on active listings in the real estate market of Conception Bay North, vacant plots are the most common type of properties. These are followed by single family homes, retail spaces, and then business spaces.
The average price for real estate properties in Conception Bay North is $196,000. The highest property is estimated at $3,000,000. The average price per square feet is $115.
Why Choose Conception Bay Real Estate?
Newfoundland and Labrador real estate offers a variety of options for anyone in search of a home to live in or investment properties. While there are a number of communities and different regions available in the area, Conception Bay remains among the most popular.
The region of Conception Bay is ideally located on a bay in Newfoundland. It is close to the Avalon Peninsula and the Atlantic Ocean. It is also bordered by Cape St. Francis and Bay de Verde. The region is home to numerous islands and rivers. The residents of Conception Bay have access to various bodies of waters that open up numerous recreational opportunities as well.
Due to its unique landscapes and geographic location, the residents of Conception Bay get to enjoy unparalleled beauty at every turn. Whether you choose to live in the North or South, you will enjoy the beauty of the natural surroundings at every turn.
The population of Conception Bay consists mostly of homeowners. Out of the 9.527 private dwellings, 9,139 of them are inhabited by their homeowners. This reflects on the favorable living conditions in the region that has enabled most homeowners to choose to stay and keep living here.
The average annual growth rate of the population in a five-year period is 13.1% (according to the Canadian Real Estate Magazine).
Quality of Life
The residents of Conception Bay enjoy a good quality of life in this region. This is in part due to the favorable weather conditions all year round. It gets an average rainfall of 1,163 mm per year and an average yearly snowfall of 174 cm. The highest temperature is 28 degrees C and the lowest temperature is -20 degrees C.
It has an efficient transportation system and approximately 2,250 residents work locally, which means shorter commute times. Conception Bay is also home to a number of educational institutions and companies that provide employment for local residents and those who live in nearby towns and regions.
Posted by Teri-Lynn Jones on