Burnside, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.8% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| 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 steady growth. With a median house price of $485,000, the market has seen a year-over-year increase of 4.2%. This indicates a healthy demand for housing, reflecting both local economic stability and buyer confidence. Similarly, the median apartment price stands at $295,000 with a slower yet positive trend of 1.8% growth over the past year.
The population of Burnside has reached 15,500 residents and is growing at a rate of 3.3%. This demographic expansion is contributing to the sustained demand for housing in the area. The combination of rising property values and population growth suggests that Burnside’s real estate market is in an upswing phase.
Investment Opportunities and Potential
Given the consistent growth in property values, Burnside presents several promising investment opportunities. For investors looking at long-term capital gains, purchasing residential properties could prove profitable given the upward trend in house prices.
Apartments offer a more accessible entry point into the property market with a median price of $295,000. While the appreciation rate for apartments is lower than houses at 1.8%, they may present a more balanced investment opportunity by offering rental income potential alongside moderate capital appreciation.
With a growing population that might need housing, developers and investors have the chance to cater to this demand by engaging in residential projects that meet the needs of diverse market segments – from single-family homes to multi-unit apartment complexes.
Future Market Outlook
Looking ahead, it appears that Burnside’s real estate market may continue on its current trajectory. The steady population growth serves as a strong indicator that housing demand will persist. Assuming no major economic disruptions occur locally or nationally, we can anticipate continued moderate growth in property values.
On the horizon, potential risks such as changes in interest rates or unforeseen economic events could impact buyer affordability and thus influence market dynamics. However, assuming stable conditions remain, Burnside’s real estate market holds promising prospects for both homeowners and investors alike.
