Burnaby, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $900,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $550,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $700,000 |
| 3 bedrooms | $900,000 |
| 4 bedrooms | $1,200,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $450,000 |
| 2 bedrooms | $550,000 |
| 3 bedrooms | $650,000 |
Demographics
| Current Population (2024) | 250,000 |
| Previous Population (2019) | 245,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 100,000 |
| Occupied Private Dwellings | 95,000 |
| Population Density (per km²) | 2.5 |
| Land Area (km²) | 400.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Burnaby, Ontario, is currently experiencing a phase of moderate growth. With a median house price of $900,000, which represents a 4.2% increase year-over-year, the market is showing signs of resilience despite broader economic uncertainties. Similarly, the median apartment price has grown to $550,000—up by 2.5% compared to the previous year. These trends indicate sustained demand for housing in Burnaby coupled with a market that is appreciating at a healthy pace.
Investment Opportunities and Potential
Burnaby’s real estate market presents attractive investment opportunities for both residential and rental properties. The steady population growth of 2%, with the total population now reaching 250,000 residents, underpins the demand for housing. Investors looking to purchase property can potentially benefit from the sustained appreciation trend as indicated by the current house and apartment price increases. Additionally, rental investments may also be promising due to demand from those who find home ownership less accessible or prefer the flexibility of renting.
Future Market Outlook
Looking ahead, the outlook for Burnaby’s real estate market remains positive. The consistent population growth suggests that demand for housing will continue to rise, further supporting property values. While economic conditions and changes in interest rates could impose some risks to the pace of growth in property values, Burnaby’s market dynamics—such as its desirable location and strong local economy—position it well for future stability and potential growth. Therefore, while cautious optimism is advisable given broader economic conditions, Burnaby’s real estate market holds potential for investors and homeowners alike.
