According to the Newfoundland and Labrador Association of REALTORS®, the province experienced mixed trends in the housing market this February.
Newfoundland and Labrador Housing Statistics
In February 2024, there were 281 home sales, marking a 6.3% decrease from February 2023. The average residential price rose to $310,281, for a 9.9% increase compared to the previous year. February’s home sales were slightly below the five-year average by 1.5% but significantly passed the ten-year average for the month of February, by 19.7%. Year-to-date, 545 homes were sold in the first two months of 2024, showing a marginal 1.3% decline from the same period in 2023.
MLS® Numbers
In February 2024, the overall MLS® HPI composite benchmark price reached $288,100, reflecting a 4.5% increase from February 2023. Single-family homes saw a benchmark price of $289,500, up 4.4% year-over-year. Townhouse/row units experienced a benchmark price of $291,700, marking a substantial 15% increase from the previous year. Apartments had a benchmark price of $240,000, showing a more moderate 5% gain compared to the prior year.
St. John’s
In February, residential activity in St. John’s decreased by 6.8% year-over-year; single detached home sales in St. John’s dropped by 14.6% compared to February 2023.
MLS® Numbers
In February 2024, the MLS® HPI composite benchmark price for homes in St. John’s rose to $328,800, for a slight 3.4% increase from February 2023.
The benchmark price for single-family homes in St. John’s saw a slight rise also, for a 3.1% increase to $339,200. Townhouse/row unit benchmark prices surged by 15% compared to the previous year, reaching $291,700. Meanwhile, apartments experienced a 5.2% increase to reach a benchmark price of $239,600 compared to the previous year.
Employment Trends
Also according to the Newfoundland and Labrador Association of REALTORS®, in February 2024, Newfoundland and Labrador maintained a steady unemployment rate of 10.3%, remaining unchanged from the previous month. This rate stands 7.1% below the July 2020 peak, and sits below long-term averages. Full-time jobs increased by 2,500 compared to January 2024, while part-time positions remained unchanged. Despite this, full-time employment remained 3,700 jobs below its January 2013 peak, but was significantly higher by 38,800 jobs compared to its lowest point in June 2020. These numbers are seasonally adjusted, using a three-month moving average.
St. John’s Employment Trends
In February 2024, St. John’s, Newfoundland and Labrador saw a 6.3% unemployment rate, up 0.2% from January. This rate remains 7.4% below its July 2020 peak and is under the long-term average. February saw a net increase of 1,500 jobs, with 1,100 more full-time positions and 400 additional part-time roles. Despite this, full-time employment remains 4,900 jobs below its peak in November 2012 but has recovered by 12,300 jobs since its lowest point in April 2021. These numbers are also seasonally adjusted.
