Variances in Atlantic Canada housing markets growing

The one constant was double-digit growth in home sales price

Variances in Atlantic Canada housing markets growing

Housing segment performance levels in Atlantic Canada’s component provinces wildly diverged from each other in September, according to the region’s real estate associations.

New Brunswick

A total of 1,240 homes changed hands in the province last month, representing a 7% annual increase. This sum also marked a new sales record for the month of September, according to the New Brunswick Real Estate Association.

Home sales stood at 32.9% above the five-year average and 59.4% above the 10-year average for the month, the association said. Year to date, sales totalled a record-high 10,237 transactions, growing by 29.4% from the same period in 2020.

The province’s average home sales price in September was $251,877, up by 23.9% year over year. The benchmark price for single-family homes saw a 31.1% annual gain to reach $264,100, while the benchmark for townhouse/row units saw a stronger proportional increase of 36.6% to $169,300. The benchmark apartment price had a more modest 23.9% increase to $219,700.

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

Nova Scotia

Home sales facilitated by the Nova Scotia Association of Realtors totalled 1,276 transactions in September. While this was a marked drop of 19% year over year, this was still the province’s second highest sales total for September, the association said.

Home sales were 9.2% above the five-year average and 26% above the 10-year average for the month of September. A total of 12,606 residential properties were sold over the first nine months of the year, increasing by 23.9% from the same period last year.

Nova Scotia saw its average home sales price grow by 17.3% annually to reach $356,757. The dollar value of all home sales in September was $455.2 million, falling by 5% year over year.

Prince Edward Island

The traditionally quiet market grew even quieter in September with a 27.5% annual decline, totalling a mere 185 units. This level was 11% below the five-year average and 1.8% below the 10-year average for the month of September, according to the Prince Edward Island Real Estate Association.

On a year-to-date basis, a total of 1,833 homes were sold in the province, up by 16.5% from the same period in 2020.

The average home sales price in PEI last month was $335,202, growing by 13% year over year. The dollar value of all home sales in PEI last month was $62 million, 18% lower than September last year.

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