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A new report on housing in Canada shows prices are rising across Newfoundland and Labrador, and realtors say demand continues to exceed inventory.
The report from Royal LePage shows the aggregate home price in St. John’s increased by 4.9 per cent year-over-year to $390,400 in the second quarter of 2026, and by 3.3 per cent from the first quarter of 2026.
The median price of a single-family detached home increased by 4.8 per cent year-over-year to $402,700, while the median price of a condominium has increased by 5.2 per cent to $379,700.
Len King, a broker with Royal LePage in St. John’s, said it contradicts other areas of Canada.
“Nationally, it’s only Newfoundland and Quebec that’s had price increases over the past 12 months. Everybody else is either pretty flat, or the prices have dropped a little,” King told CBC Radio’s The Signal on Wednesday.
“The lack of inventory is still driving the prices up.”
LISTEN | Hear The Signal’s discussion on the N.L. Housing Market:
The Signal55:05N.L. housing market
A check in show on N.L.’s real estate market. The panel of realtors will talk about the current – and climbing – housing prices, what is driving the growth, who are buying houses and how affordable the market is for first time home buyers?
Mae Jia, a St. John’s realtor with Keller Williams Platinum Realty, said she sees prices being driven higher each day.
“Overall, I see like $50,000, $60,000, $80,000, even $100,000 over asking around St. John’s, typically for the two-apartment house,” she said.
Realtor Tony Lucas said in the metro region, prices are also rising on multi-apartment homes. He said two-apartment homes can make up over 20 per cent of listings in St. John’s — largely due to the desire to rent to someone to help offset the costs of the home they’re purchasing.
The Newfoundland and Labrador government has committed to growing the housing inventory across the province, pledging in its party platform to build 10,000 new homes over five years.
Earlier this month, Housing Minister Joedy Wall announced $31 million was being injected into 33 approved housing projects to create 344 affordable rental units across Newfoundland.
Wayne Sheppard, a RE/MAX realtor in Happy Valley-Goose Bay, said he hopes those projects can expand beyond the St. John’s region — where prices are also rising.
“There’s been very few houses built in the last number of years. I think, last year, maybe about five houses in total,” Sheppard said.
“Back in the early 90s, we had one year where we had 85 houses being built here. You know, that’s the kind of building we would need now to even make a dent in the type of situation that we have.”
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