March 2024 Newfoundland and Labrador Market Update

In March 2024, Newfoundland and Labrador’s real estate market experienced mixed trends, with St. John’s seeing increases.

Sales

In March 2024, 310 homes were sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS®, with a 10.9% decrease from March 2023. These sales were 12.3% below the five-year average and 1.3% below the ten-year average for March. Year-to-date home sales totalled 855 units, down by 5% from the same period in 2023. 

St. John’s

In St. John’s, residential sales saw an 8.6% increase year-over-year in March, although the rest of the province had a 19.3% decline. 

Prices

The MLS® Home Price Index (HPI) provides a more accurate reflection of price trends than average or median price measures. In March 2024, the MLS® HPI composite benchmark price in Newfoundland and Labrador was $290,400, up 6.7% from March 2023. The benchmark price for single-family homes stood at $292,000, with a moderate gain of 6.6% year-over-year. The benchmark apartment price reached $240,600, up by 7.5% from the previous year. For townhouse/row units, the benchmark price was $284,000, with a more significant rise of 10% compared to the previous year. 

St. John’s

In March 2024, the overall MLS® HPI composite benchmark price for homes in St. John’s reached $335,000, marking a 7.6% increase from March 2023. The benchmark price for single-family homes in St. John’s was $346,500, showing a moderate gain of 7.7% year-over-year. Comparatively, the benchmark price for townhouse/row units was $284,000, rising by 10% from the previous year, while the benchmark apartment price reached $240,200, reflecting a 7.5% increase from the previous year.

Listings

In March 2024, there were 657 new residential listings. These listings were 10.5% below the five-year average and 16.1% below the ten-year average for March. There were 2,291 active residential listings at the end of March, a 5% decrease from March 2023, for the lowest March levels in over 15 years. Additionally, active listings were 26% below the five-year average and 36.6% below the ten-year average for March.

Inventory

Months of inventory were 7.4 at the end of March 2024, up from 6.9 in March 2023 but below the long-run average of 12.4 for March. 

Newfoundland Employment Trends

As of March 2024, Newfoundland and Labrador’s unemployment rate was 10.2%, down slightly by 0.1% from February. This is below long-term averages. In March 2024, there were 1,400 more full-time and 500 more part-time positions, for a total increase of 1,900 jobs. However, full-time employment was still 2,300 jobs below its peak in January 2013. All numbers are seasonally adjusted, three-month moving averages.

Construction Starts

In Q1 2024, in Newfoundland and Labrador, construction started on 104 residential units in March. Among these, 65 were single-family homes, 8 were semi-detached units, 3 were row houses, and 28 were apartments. In Corner Brook specifically, construction commenced on 12 single-family homes. In St. John’s, a total of 92 residential units began construction, including 53 single-family homes, 8 semi-detached units, 3 row houses, and 28 apartments.

Rentals

For St. John’s, median rent was $1,010 in March 2024, for an increase of 10% over March 2023.

Joanna Gerber