Burnside, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,070 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Burnside, Newfoundland and Labrador, is currently experiencing a steady growth trajectory. The median house price in the area stands at $485,000, with an upward trend of 4% year-over-year. This increase indicates healthy demand and a robust housing market. Similarly, the median apartment price is currently at $295,000, with a more modest year-over-year increase of 2.5%. These statistics suggest that while the market for detached homes is stronger, apartments are also appreciating, albeit at a slower pace.
The population of Burnside has seen a significant growth rate of 2.7%, which is reflective of an expanding community. This demographic change implies an increased demand for housing, both for ownership and rental purposes. The rise in population can be attributed to factors such as economic opportunities, lifestyle preferences, or regional migration trends.
Investment Opportunities and Potential
Given the solid growth in housing prices and the positive population trends, Burnside presents promising investment opportunities. The consistent appreciation in property values indicates that investments made today have strong potential for capital gains in the future. Particularly, single-family homes show a robust price trend with a 4% annual increase; hence they may offer substantial returns for long-term investors.
Furthermore, the rising population suggests that there will be ongoing demand for residential properties. Investors looking to enter the rental market might find this an opportune moment to invest in apartments or multi-family units given their lower median price point and steady appreciation rate.
Future Market Outlook
The future real estate market outlook for Burnside appears optimistic. If current trends continue—especially with respect to population growth—the demand for housing is expected to remain strong. This could sustain or even push prices higher over time, assuming no significant changes occur in local economic conditions or mortgage interest rates.
The current upward trajectory in house prices coupled with stable gains in apartment values suggests that both segments of the market offer potential for growth. However, investors should monitor economic indicators such as employment rates and new housing starts to anticipate any shifts that could affect property values.
In conclusion, Burnside’s real estate market shows positive signs for both homebuyers seeking long-term residence and investors looking for profitable opportunities. With careful analysis and strategic selection of properties, stakeholders can capitalize on the town’s growing market conditions.
