Demand still exceeds supply as report outlines rising N.L. house prices, realtors say
A report from Royal LePage indicates that home prices in St. John's, Newfoundland and Labrador, are rising due to a persistent lack of housing inventory. While national prices remain flat, local realtors report significant demand, often resulting in homes selling well above the asking price.
Why it matters
The data underscores the regional disparity in the Canadian housing market and the ongoing challenges for first-time homebuyers.
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."
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