New Brunswick

Saint John, Fredericton lead region in housing price increases

Fredericton and Saint John housing price increases led the Atlantic region at the end of 2016, according to a new report from Royal LePage.
A survey of housing prices in the last quarter of 2016 found price increases were highest in Saint John and Fredericton.

Fredericton and Saint John housing price increases led the Atlantic region at the end of 2016, according to a new report from Royal LePage.

Released on Thursday, the company survey says the median price in the provincial capital rose to $257,092 in the final quarter, for a year-over-year increase of 10.4 per cent.

Saint John saw an even greater increase, with the median price rising to $230,405, or 13.4 per cent.

To the east, Moncton housing price increases were almost constant in the last quarter. The city posted an aggregate home price of $191,678, inching less than half a percentage point higher from the same period in 2015.

Halifax ranks third

Following behind Saint John and Fredericton was Halifax, which saw the third-highest increase in housing prices of the six Atlantic Canadian cities included in the survey. In Halifax, ,the report says, the aggregate house price climbed to $310,656, representing a 4.3 per cent increase year over year.

The Royal LePage House Price Survey and Market Survey Forecast said it arrived at the aggregate prices using median prices of homes falling within different property types.

Across the Northumberland Strait, the aggregate price in Charlottetown reached $228,706, as that city posted a 3.2 per cent increase in housing prices. 

The report describes these as "healthy" increases.

The capital of Newfoundland and Labrador stood out in the Atlantic part of the survey after the aggregate price declined -1.5 per cent, to $334,782.

Goodbye to 'regional extremes'

Last year, Phil Soper, the head of Royal LePage, said the national real estate market saw the worst-ever "regional extremes" in house price appreciation.

He compared the negative growth in St. John's, for example, with the 25.6 per cent increase in Vancouver.

Soper, the president and chief executive of the company, suggested Thursday that this was changing.

"This economic drama put real estate at the forefront of everybody's mind last year, from the prime minister to the recent grad," he said in a statement.

"In 2017, we anticipate a movement away from the regional extremes of real estate feast and famine — and that is a very good thing."