The Newfoundland and Labrador Real Estate Association says a lack of inventory continues to hamper the local market, with more homes currently being sold than listed.
The housing market has been red hot across the province for the past few years. The average price of a home in St. John’s has jumped from less than $300-thousand in 2021 to $427-thousand as of July 2026.
That represents a 10 per cent price increase from July of last year alone.
Association CEO Bill Stirling says homes are still selling quickly, and in some cases, going for well above the asking price.
(Association of Realtors CEO Bill Stirling; File photo)
He says the province is currently in a “historic trend of reduced inventory,” especially in the capital city region.
“We’re seeing offers coming in – five, 10 offers on a property. Some neighborhoods, some communities, some housing styles, two-apartment houses for example, in St. John’s, or Paradise, or Mount Pearl; they’re very, very hot. We’re seeing a lot of competitive offers,” he told VOCM News.
“(On Monday) we had 53 new properties come on the market across the province. But at the same time, we’ve had 56 that have either closed or they’re sold, keys have changed hands, or there’s an accepted offer in place.”
