Atlantic Canada Posts Robust November Housing Market Performance

Source – mpamag.com

  • “…The region benefited from sustained demand and strong momentum…With pandemic restrictions steadily easing, Atlantic Canada housing exhibited sustained market strength at the tail-end of 2021, according to local real estate associations”

Atlantic Canada posts robust November housing market performance

The region benefited from sustained demand and strong momentum

Atlantic Canada posts robust November housing market performance

By Ephraim Vecina, 21 Dec 2021

With pandemic restrictions steadily easing, Atlantic Canada housing exhibited sustained market strength at the tail-end of 2021, according to local real estate associations.

New Brunswick

The province saw a total of 1,011 sales last month, representing a 5.5% annual increase and reaching a new record high for the month of November, the New Brunswick Real Estate Association said. On a year-to-date basis, home sales grew by 24.2% annually to 12,387 units.

New listings grew by 2.3% annually, with 833 homes newly listed last month. Active listings fell by 35.8% during the same time frame, with a two-decade low of 1,993 units on the market at the end of November.

The average home sales price in New Brunswick last month was $245,605, up by 22% from November 2020.

Newfoundland and Labrador

The market saw a record-setting month with a 17.6% annual increase, establishing a new sales record for the month of November, according to the Newfoundland and Labrador Association of Realtors.

Sales activity was 44.4% higher than the province’s five-year average and 55.1% above its 10-year average for the month of November, the association said. Year-to-date home sales jumped by 48.1% annually for a total of 6,282 units last month.

Robust demand pulled down the number of new listings by 12.5% year over year, ending up at the lowest number of new November listings in a decade (586 units). Active residential listings also fell by 25.3% annually, ending up at 3,207 homes for sale.

The province’s average home sales price was $274,066, increasing by 7.2% from November 2020.

Read more: Why is Atlantic Canada’s mortgage market heating up?

Nova Scotia

The market continues to “outperform expectations” with its second highest November on record (1,069 units), according to the Nova Scotia Association of Realtors. This was 9.6% above the province’s five-year average and 31.5% above the 10-year average for the month of November, despite being an annual decrease of 20.3%.

On a year-to-date basis, home sales posted a 15.4% annual gain to reach a record high of 15,036 units. The average home sale price had a similarly strong 20.8% year over year increase to $368,476, the association said.

The number of new listings fell by 8.2% annually (down to 1,102 units), and active residential listings declined by 30.9% during the same period (down to 2,247 units).

Prince Edward Island

Home sales activity edged down by 1.5% annually in November, but was 16.9% above the island’s five-year average and 32.7% above its 10-year average for the month, according to the Prince Edward Island Real Estate Association.

New listings were up by 18% year over year, and active listings grew by 11.1% during the same period.

PEI saw its average home sales price increase by 21.3% annually to $341,380, while the dollar value of all home sales in the province last month grew by 7% year over year to $65.2 million. This represented a new record high for the month of November, the association said.

https://www.mpamag.com/ca/mortgage-industry/market-updates/atlantic-canada-posts-robust-november-housing-market-performance/320582