Burgeo, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Burgeo, Newfoundland and Labrador, is currently experiencing moderate growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a steady demand for housing in the area, likely driven by the local economic factors and demographic shifts. Meanwhile, apartments are slightly more accessible with a median price of $300,000 and a slower appreciation rate of 2.1% year-over-year. This difference in growth rates between houses and apartments could suggest that families and long-term residents are more active in the market compared to transient or single residents.
Investment Opportunities and Potential
The real estate market in Burgeo presents several investment opportunities. The continuous rise in property values, though moderate, suggests a healthy market with potential for capital gains over time. Given the consistent population growth rate of 7.1%, there is an underlying demand for new housing which can be capitalized on by developers and investors alike. Additionally, the slower growth rate in the apartment sector may provide an entry point for investors looking to cater to individuals or small households who may prefer more affordable living spaces.
Future Market Outlook
Looking forward, the real estate market in Burgeo is poised for continued growth. With a robust population increase, it is likely that demand for housing will remain consistent if not increase. This should sustain property value appreciation at a steady pace. Furthermore, investments that focus on sustainability and meet the evolving needs of the population could see higher returns due to increased desirability among environmentally conscious buyers and renters. However, as with any investment, potential investors should monitor local economic conditions, interest rates, and national real estate policies to make informed decisions.
