The housing market in St. John’s, Newfoundland, experienced a 1.9% increase in the average sale price from 2022 to 2023, rising from $333,621 to $339,875. However, the number of sales saw a decrease of 19.6% during the same period, dropping from 3,074 to 2,470. Here is what RE/MAX Canada is predicting will happen in 2024 in the St. John’s, Newfoundland, market based on the data they have now. 

Currently(q4 2023), St. John’s is a seller’s market, but it is expected to gradually shift towards a balanced market later in 2024 due to anticipated changes in inventory as a wave of mortgages are set to renew

For 2024, St. John’s is predicting a 3% rise in average residential prices and a 2% decrease in the number of sales transactions. The most sought-after neighbourhoods in the St. John’s area for the coming year are expected to be Paradise, Conception Bay South, and Southlands.

When it comes to livability, homebuyers are looking for properties close to schools and workplaces. However, the ongoing cost-of-living crisis is significantly influencing their purchasing decisions.

The current low inventory is causing those buyers in the move-up market to delay listing their properties, which in turn affects the supply available for first-time buyers who are all fighting over the scraps. Additionally, immigration to the province has impacted the housing supply, with Newfoundland’s population reaching its highest level since 1998.

Thanks to RE/MAX in Newfoundland & Labrador for the outlook report.