St. John’s housing price increases trail national average: survey

The Telegram
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Royal LePage’s newest house prices survey says demand for higher-end homes are driving up prices in the St. John’s area.

The survey, released Wednesday, found the price of an average bungalow rose 3.3 per cent, to $299,667, and the price of a standard two-storey home rose 3.9 per cent, to $408,000, in the second quarter of 2014 over last year’s prices.

The price of a standard condominium, however, dropped 1.1 per cent to $306,000.

Newfoundland and Labrador lagged far behind the national average increases, however, with bungalows, two-storey homes and condos increasing 5.2, 5.1 and 3.9 per cent, respectively, across the country.

A news release from Royal LePage says the recent severe winter in St. John’s dampened sales activity and a change in condo fee structures “has left condo prices to stagnate,” but there has been “a strong uptick in demand for high-end homes.”

Organizations: Royal LePage

Geographic location: Newfoundland and Labrador

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Recent comments

  • W Bagg
    July 10, 2014 - 19:50

    Yeah, hard to buy a house in the snow. Who comes up with this stuff...............well maybe hard to buy one when you have no electricity for a week