Burgeo, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
Median price | $480,000 |
Monthly growth | 1.0% |
Quarterly trend | 2.8% |
Stock on market | 0.6% |
Apartment
Median price | $290,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $480,000 |
4 bedrooms | $580,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $320,000 |
3 bedrooms | $400,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,200 |
Occupied Private Dwellings | 5,700 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Burgeo, Newfoundland and Labrador, is currently characterized by moderate growth. With a median house price of $480,000 reflecting a year-over-year increase of 2.8%, the market is showing signs of steady appreciation. Similarly, the median apartment price stands at $290,000, which has risen by 2.5% over the past year.
This consistent growth in property values indicates a stable market that could be attractive to homeowners and investors alike. The population of Burgeo is presently around 15,500 residents, with a notable growth rate of 3.3%. This demographic expansion suggests a potential increase in housing demand, which may contribute to the upward pressure on property prices moving forward.
2. Investment Opportunities and Potential
Burgeo offers promising investment opportunities given its current real estate trends. The continuous increase in both house and apartment prices implies that there could be potential for capital gains for those looking to invest in residential properties. Moreover, the town’s population growth presents an opportunity for rental property investors seeking long-term income streams.
Investors might also consider exploring new construction projects or renovating existing properties to cater to the increasing population’s housing needs. Given the area’s positive economic indicators and moderate but steady price increases, Burgeo could be a prudent choice for both first-time homebuyers and seasoned investors seeking to diversify their portfolios.
3. Future Market Outlook
The future outlook for Burgeo’s real estate market appears optimistic based on current data trends. With a growing population and sustained property value increases, the market is expected to maintain its trajectory of gradual growth. However, as with any investment, it is important to consider local economic conditions, employment rates, and regional development plans that could influence future market dynamics.
Analyzing factors such as infrastructure improvements, interest rates changes, and provincial housing policies will also be essential in predicting how the market will adapt in the coming years. If current trends persist or improve, Burgeo may continue to see an appreciating real estate environment that can offer favorable conditions for both living and investing.