Burlington, 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
The real estate market in Burlington, Newfoundland and Labrador, is experiencing a period of growth. With a median house price sitting at $500,000, the market has seen a steady increase in value, with a 3.5% year-over-year growth. This suggests that while the market is not overheating, it’s steadily appreciating which can be indicative of a healthy demand for housing.
In contrast, the median apartment price is currently at $300,000, indicating a more accessible entry point for investors or first-time homebuyers. The apartment sector has also seen an increase but at a slower rate of 2.1% year-over-year. This could reflect a more balanced or potentially saturated market for apartments compared to houses.
The area’s population stands at approximately 15,000 residents, with a substantial growth rate of 7.1%. This influx of residents can contribute to increased demand for housing and may apply upward pressure on property values over time.
Investment Opportunities and Potential
The positive population growth paired with steady appreciation in property values presents appealing investment opportunities in Burlington. The consistent rise in house prices may attract investors looking for long-term capital gains. Furthermore, with apartments appreciating at a slower pace, there is potential for investors to enter the market at a lower price point while still benefiting from gradual increases in value.
The diversification between houses and apartments offers varied options for investment strategies; whether focusing on rental income from apartments due to increasing population or capitalizing on the equity gains from purchasing houses.
Future Market Outlook
The future outlook of Burlington’s real estate market appears optimistic. The continued population growth will likely fuel demand for housing both in the rental and purchase markets. If current trends persist, we can anticipate further moderate increases in property values.
An important factor to consider will be the local economy’s capacity to support this growth by providing employment and infrastructure that keeps pace with housing development. Assuming economic conditions remain favorable or improve, the real estate market in Burlington should remain robust with sustained opportunities for investment and healthy market dynamics.