Burin, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Burin, Newfoundland and Labrador, is currently experiencing a period of moderate growth. The median house price in the region stands at $485,000, which marks a 3% year-over-year increase. This suggests a steady yet conservative appreciation in property values, indicating a healthy market that is not subject to extreme volatility. Additionally, the median apartment price has reached $295,000, with a more modest growth trend of 1.5% year-over-year. The consistent increase in both housing and apartment prices reflects a balanced demand for real estate in Burin.
The population of Burin has grown by 4.8% to reach 15,200 residents. This population growth can contribute to the demand for housing and may be one of the factors driving the steady increase in property prices. Moreover, it is essential to consider the local economy, employment rates, and other socio-economic factors that could impact the future real estate market conditions.
Investment Opportunities and Potential
Given the current market trends, there are several investment opportunities within Burin’s real estate sector. The continuous rise in property values presents an attractive prospect for investors looking to capitalize on capital gains over time. The moderate appreciation rate of 3% for houses ensures that investments are not likely to be influenced by speculative bubbles that can pose risks to investors.
Apartments offer a lower entry point for investment at $295,000, with a steady appreciation of 1.5%. They may appeal to investors seeking rental income or those looking for more affordable investment options. As population growth continues, the demand for rental properties could potentially rise, leading to favorable rental yields and occupancy rates.
Investors should conduct thorough research into local economic indicators, infrastructure developments, and any government incentives for property investment before making commitments.
Future Market Outlook
The future outlook for Burin’s real estate market appears cautiously optimistic. Population growth suggests an increasing demand for housing which could support continued growth in property values. If current trends persist, investors and homeowners could expect ongoing but measured appreciation rates in the coming years.
However, it is crucial to remain aware of broader economic conditions both provincially and nationally which could impact these local trends. Factors such as interest rates, employment stability in key industries, and regional economic development plans will all play significant roles in shaping the future of Burin’s real estate market.
To conclude, while there are positive indicators suggesting potential growth and investment opportunities within Burin’s real estate market, as with any investment decision, due diligence combined with careful monitoring of market conditions is recommended.
