Saint John has the most affordable real estate in Canada, according to real estate monitoring firm Zoocasa.
The organization looked at 20 regions across the country and identified Saint John as having the best affordability, with average home prices clocking in at $268,400. That’s a significant savings over the national average home price of $662,437.
With the price for a three-bedroom home at only a third of the price of the same home in another location in Canada, Saint John could be at a significant advantage vis a vis interprovincial immigration, with people selling in more expensive markets to upgrade, retire or just lower their mortgage.
Kevin Donovan, president of the Saint John Real Estate Board, says that he’s working with a significant number of out-of-province buyers.
“I would say that 35 per cent of them are still from out of province,” he says. That continues a trend that started during the pandemic.
While housing might be relatively more affordable in Saint John, a low-inventory situation and the ongoing housing shortages are not making it easier for people to buy homes.
“We are still experiencing multiple offer situations on most new listings,” he says.
In January, U-Haul found that New Brunswick was the top growth province of 2022, based on the number of people renting moving trailers for a one-way trip to the picture province. Saint John stood out as the 14th top Growth City, based on the same statistics.
Saint John can also boast relative price stability. Houses in the region only posted a 0.1 percent drop from the previous year, while many other parts of Canada saw double digit losses. The Canadian Real Estate Association found that the national average home price is down over 18 percent since prices peaked in February 2022.
Vancouver and Toronto, the nation’s least affordable markets, saw average house prices of $1,123,400 and $1,091,300 respectively.
By comparison, Saint John has a significant amount to offer at a fraction of the price.
“We are lucky to live in a city located in a beautiful province that has so much to offer to its residents, and still be considered affordable,” Donovan says.
Alex Graham is a reporter with Huddle, an Acadia Broadcasting content partner.
