A new report on home sales in Atlantic Canada says most areas are poised for growth this year. The RE/MAX Atlantic Canada Report looked at three markets in Newfoundland: Metro, Clarenville and Deer Lake/Corner Brook.
Sales in metro in the first quarter of this year were up 2.5 per cent from the first quarter of 2018 – 364 to 355, but down eight per cent in Clarenville—23 last year, 21 this year—and 36 per cent on the west coast—66 last year, 42 this year.
Prices in metro have been dropping over the past few years after years of significant growth, but Jim Burton—the author of the report—believes prices have bottomed out.
Burton partially credits home-buying incentive programs for helping people into the market for the first time.
Burton says they’re seeing a change in the marketplace with millennials leading the charge. Over 50 per cent of their sales on the MLS are coming from the millennials who are looking homes in the $200,000-$300,000 price range.
