Burlington, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $950,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Apartment
| Median price | $600,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $800,000 |
| 3 bedrooms | $950,000 |
| 4 bedrooms | $1,100,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $550,000 |
| 2 bedrooms | $620,000 |
| 3 bedrooms | $700,000 |
Demographics
| Current Population (2024) | 183,000 |
| Previous Population (2019) | 180,000 |
| Population Change | 1.7% |
| Total Private Dwellings | 72,000 |
| Occupied Private Dwellings | 68,000 |
| Population Density (per km²) | 2.5 |
| Land Area (km²) | 72.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Burlington, Ontario is currently experiencing steady growth. Median house prices in the area stand at $950,000, with a year-over-year increase of 2.5%. This indicates a healthy demand for detached homes and an incrementally appreciating market. Similarly, median apartment prices have seen an uptick to $600,000, growing slightly faster at a rate of 3% year-over-year. This suggests that smaller residential units are also in demand, possibly due to demographic trends favoring single professionals and small families or investors looking for rental properties.
Burlington’s population has reached approximately 183,000 residents, with a growth rate of 1.67%. This steady increase in inhabitants is supportive of ongoing demand for housing. The city’s proximity to larger markets like Toronto and its appeal as a more affordable alternative contributes to its attractiveness both as a place to live and invest in real estate.
Investment Opportunities and Potential
For potential investors, Burlington offers promising opportunities. The consistent growth in property values reflects a stable investment climate. Detached houses provide long-term value retention while apartments offer entry points at lower capital requirements. Investors should note the higher pace of appreciation for apartments, which could suggest that these types of properties may offer better short-term returns through capital gains and rental income.
The city’s infrastructure development and community amenities also make it attractive for families looking to settle outside of the bustling core of the Greater Toronto Area (GTA). Accordingly, investment in family-sized dwellings could be strategic, catering to this demographic shift.
Future Market Outlook
The future outlook for Burlington’s real estate market remains positive. With population numbers on the rise and economic indicators pointing towards continued growth within Ontario, demand for residential property in Burlington is expected to stay strong. The city’s strategic location, quality of life, and relative affordability compared to Toronto will likely continue drawing new residents.
The moderate year-over-year price increases suggest that while the market is growing, it is not overheating, which bodes well for sustainable long-term growth. Investors can thus look forward with cautious optimism, considering both immediate rental opportunities and the prospect of ongoing property value appreciation.
In conclusion, while no market is without risk, Burlington’s real estate landscape presents a balanced environment with viable opportunities for both living and investing. Staying abreast of economic factors influencing Ontario’s housing sector will be crucial in maximizing investment potential.
