Supply of properties/active Listings were 41.6% below the 5-year average & 45% below the 10-year average for March. Because of this very limited supply of Homes for Sale, prices will edge higher this year again. The high mortgage rates will not stop price growth in St. John's & Metro, where average prices of $326,000 are $402,000 cheaper than the Canadian average house price. Newfoundland still has very affordable housing.
104 million dollars sold in Real Estate within NL for March 2023. The average price across NL was $274,000.
350 Homes sold in March - down 21% compared to March 2022 & year to date unit sales are down 20.6%.
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 $326,000
NATIONAL Average Price $704,000
House prices in St. John's & Metro and NL as a whole, where the provincial average is $272,600 have space for much growth in prices. It is still very affordable to buy a home in St. John's Metro & NL. We will continue to see 4% to 5% property growth for many years in NL. The very limited supply has put a major constraint on finding a home, 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.
