Burin, 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 (2025) | 15,000 |
Previous Population (2020) | 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
In Burin, Newfoundland and Labrador, the real estate market 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 upward trend in property values for the area. Similarly, the median apartment price has reached $300,000, with a somewhat lower growth rate of 2.1% year-over-year. These figures suggest a stable market that is gradually appreciating in value.
The population of Burin has seen a significant rise of 7.1%, bringing the total to approximately 15,000 residents. This growth can have multiple effects on the real estate market, including increased demand for housing and potential upward pressure on prices over time as supply struggles to keep pace with demand.
Investment Opportunities and Potential
The positive trends in Burin’s property values reflect an opportunity for investors looking for steady growth. The consistent appreciation of house and apartment prices suggests that investments made in the local real estate could yield profitable returns over time. Moreover, the growing population implies a rising demand for residential properties, which may lead to rental income opportunities for investors who choose to buy properties to lease.
The current stability of the market also offers a level of security for investors; however, it is crucial to conduct thorough research or consult with local experts before making any investment decisions to understand specific local factors that might affect the property’s value.
Future Market Outlook
The future market outlook for Burin appears cautiously optimistic. With ongoing population growth and steady increases in property values, it is likely that the real estate market will continue to grow at a moderate pace. However, prospective investors and homeowners should be aware that external factors such as economic changes, interest rates adjustments, and government housing policies can influence market dynamics.
If the current trends hold and no significant economic disruptions occur, Burin could maintain its trajectory as an attractive location for both living and investing. Keeping an eye on long-term demographic trends and infrastructural developments will be key in forecasting the area’s real estate potential.