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Saint John Home Prices See Growth in Start of 2017

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Image: The Canadian Press

SAINT JOHN – According to the Royal Lepage House Price Survey released Tuesday, the aggregate price of a home in Saint John rose in the first quarter of 2017 by 8 per cent year-over-year to $218,604.

The median price of a two-storey home saw double-digit growth, rising 10.2 per cent year-over-year to $238,267. The median price of a bungalow increased by 6.8 per cent year-over-year to $198,482.

“Saint John continues to thrive as low-interest rates entice many into the market in search of property,” said Stephen Hughson, manager of Royal LePage Atlantic in a release. “Recently, inventory has begun to shrink, placing an upward pressure on house prices and causing certain regional pockets to transition to a seller’s market.

“However, even with these strong home price increases, the reality is Saint John is still one of the most affordable regions in the country, offering homebuyers significant value for their money.”

The growth was in keeping with that of national real estate, which saw an increase of 12.6 per cent in the first quarter. While the majority of housing markets in Canada posted modest gains, price appreciation across much of Ontario significantly outpaced the rest of the country.

“The overall Canadian market is healthier in 2017 than it has been in years, yet the downside risks are greater too,” said Phil Soper, president and CEO of Royal LePage in the release. “Our economy, which has recovered nicely from the 2014 oil crisis, is sadly dependent on moves by an unpredictable U.S. federal government and can be swayed by unforeseen global events, such as fallout from Europe’s restructuring.”

“Still, housing activity is strong and prices are rising at a healthy mid-single-digit rate across the land. The trend in Alberta, Quebec and Atlantic Canada is particularly encouraging.”