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 currently experiencing steady growth. With a median house price standing at $500,000, the market has seen a year-over-year increase of 3.5%. This indicates that the housing sector is experiencing a moderate but consistent appreciation in value. The apartment sector is also showing positive trends with a median price of $300,000 and a year-over-year growth of 2.1%. These figures suggest that the market is not only viable for homeowners but also for individuals seeking investment opportunities in multi-family dwellings.
The population of Burlington has grown by 7.1% to reach 15,000 residents. This significant increase in population is likely contributing to the demand for housing and may explain the observed price trends. The consistent growth suggests that the local economy is able to support an expanding population, which could be indicative of employment opportunities and overall economic resilience.
Investment Opportunities and Potential
Given the steady rise in property values and the growing population, Burlington presents several appealing investment opportunities. For investors interested in long-term capital gains, single-family homes represent a potentially lucrative investment due to their 3.5% annual appreciation rate. Investors focusing on rental income may find apartments more attractive due to their lower entry price point and the continuous need for rental housing driven by population growth.
Moreover, considering the demographic trends, there might be potential for developing new residential projects to accommodate the increasing number of residents. This could range from suburban development projects to high-density urban living spaces, depending on zoning regulations and city planning initiatives.
Future Market Outlook
The future real estate market outlook for Burlington appears promising. The consistent growth in both home values and population indicates a stable market with potential for continued expansion. Assuming that current economic conditions persist, it is reasonable to forecast ongoing moderate appreciation in property values across both housing sectors.
The population trend suggests sustained or increased demand for housing which should continue to drive investment in residential real estate. However, potential investors and homeowners should keep an eye on broader economic indicators and local developments that could impact property values and market dynamics.
It’s also important to note that external factors such as changes in interest rates, government housing policies, and shifts in the global economy can affect local markets. Vigilance regarding these factors will be key to making informed decisions about entering or exiting the Burlington real estate market.
