Burnaby, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $950,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.3% |
| Stock on market | 0.5% |
Apartment
| Median price | $550,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $850,000 |
| 3 bedrooms | $950,000 |
| 4 bedrooms | $1,200,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $500,000 |
| 2 bedrooms | $600,000 |
| 3 bedrooms | $700,000 |
Demographics
| Current Population (2024) | 250,000 |
| Previous Population (2019) | 243,000 |
| Population Change | 2.9% |
| Total Private Dwellings | 95,000 |
| Occupied Private Dwellings | 90,000 |
| Population Density (per km²) | 2.6 |
| Land Area (km²) | 100.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Burnaby, Ontario, currently presents a stable investment environment. With a median house price of $950,000 and an upward year-over-year price trend of 2.3%, the market is experiencing moderate growth. Apartments are also showing a positive trajectory with a median price of $550,000 and a 1.5% increase over the past year. These trends suggest a healthy demand for housing in the area.
The population of Burnaby has reached approximately 250,000 residents, with an impressive growth rate of 2.9%. This indicates a robust local economy and increasing demand for housing as more people are drawn to the region. The continuous influx is likely contributing to steady property value appreciation, making it an attractive market for both homeowners and investors.
Investment Opportunities and Potential
Given the current market conditions, Burnaby offers several promising opportunities for real estate investment. With consistent growth in property values, investors can anticipate capital gains over time. Long-term rental properties could also be lucrative due to the high demand for housing driven by population growth.
Additionally, since apartment prices are rising at a slightly slower pace than houses, they may represent a lower barrier to entry for new investors or those looking to diversify their portfolio with more affordable options without significantly sacrificing growth potential.
Future Market Outlook
Looking ahead, Burnaby is poised to remain an appealing market for both living and investing. The city’s growing population suggests that demand for housing will not wane in the near future. If current trends continue, property values are likely to maintain their gradual ascent.
Investors should monitor local economic developments and demographic shifts closely as these factors will influence the future balance of supply and demand in the housing market. Nevertheless, if Burnaby continues its trajectory of economic growth and urban development, it stands to see ongoing appreciation in property values and investment opportunities.
