April 2023 - Market Stats

Supply of active MLS Listings were 37.6% below the 5-year average & 41.9% below the 10-year average in April.  Residential Listings numbered 2,311 units at the end of April - a substantial decrease of 27.8% from the end of April 2022. 

Active listings HAVE NOT been this low in the month of April in more than 15 years.  This very limited supply of Homes for Sale continues to push prices higher.

The average MLS price for homes in St. John’s was $311,800 in April 2023 - a small gain of 2.1% compared to April 2022. The average price across NL was $297,795 -a modest gain of 4.5% from April 2022.

87.9 million dollars sold in Real Estate within NL for April 2023 - a sharp decrease of 36.6% from April 2022. 

295 Homes were sold in April - down 39.3% year to date.

Active residential listings numbered 2,311 units on the market at the end of April, a substantial decrease of 27.8% from the end of April 2022

Average Price In Toronto:              $1,071,043
Average Price In Mississauga      $1,009,800
Average Price in Ottawa                  $631,500
Average Price In Calgary                $520,000
Average Price in Vancouver         $1,500,000
Average Price In Halifax                 $484,000
Average Price In St. John's             $321,300  (single family detached home)

NATIONAL Average Price   $704,000   

 
 House prices in St. John's & Metro and NL as a whole are approximately $380,000 lower than the national average.  Even with the 15.5% gain in prices here last year, St. John’s & Metro is still one of the most affordable places to buy a home - It is still very affordable to buy a home in St. John's & Metro.    
We will continue to see 4% to 5% property growth for many years in NL.  This 15-year low in inventory is putting a major constraint on finding a home to buy, in turn keeping upward pressure on house prices. 

Out-of-province Buyers are continuing to move here because of our affordable housing compared to where they are coming from.  This increase in buyers is putting extra upward pressure on prices too.  

If you are moving around within our marketplace, now is the time to do so.  Check with your Bank about "porting your mortgage" off your existing home to the new home that you are buying - you can move your mortgage keeping your rate.  Call your Bank for more details.  

If you are thinking about selling your home or buying another one, please call me anytime.   I love to have your Referrals too.   Let me know when you have family or friends buying or selling.

Kevin Martin
26 Years of experience
RE/MAX Hall of Fame Award.