St. John’s home prices continue to drop

“While we are still seeing year-over-year home price declines, the region is definitely experiencing a renewed sense of optimism in the market,” Glenn Larkin, a Royal LePage Professionals salesperson stated in a press release.

“Houses are selling at a quicker pace due to a slight uptick in demand, as the province’s employment prospects continue to improve.”

According to the Royal LePage House Price Survey and Market Survey Forecast released Thursday, the aggregate price to own a home in St. John’s dropped 3.1 per cent year-over-year to $320,164 over the second quarter of 2017.

That’s still well below the national average of $609,144, an increase of 13.8 per cent .

The median price of a two-storey home fell 3.6 per cent to $354,154 and bungalows decreased 4.2 per cent to $296,298. On the flip side, the median price to own a condo in the capital region increased by 8.4 per cent to $308,243.

Nationally, two-storey homes were up 14.6 per cent , bungalows increased by 10.7 per cent and condos climbed 13.4.

Larkin forecasts that there will be a slight increase in metro region home values and sales throughout the summer, but the market will level out by year’s end.

“For quite some time, Newfoundland has been in a recession. We’re seeing a light at the end of the tunnel — it’s not a glaring sun by any means, but it’s definitely a little brighter than before,” he stated.