Affordability has rapidly changed across Canada as home prices and interest rates continue to rise. The benchmark price of a home in the country is now $750,100 according to the Canadian Real Estate Association, making home buying a more strenuous experience than it already was.
This increase in prices across the country means the desire for affordability is higher than ever. And for anyone looking for an affordable home, they’re likely to end up looking east. Alongside the Prairies, the East Coast is vastly more affordable than Canada’s two most expensive provinces, British Columbia and Ontario. While those two have seen enormous growth in the last five years with average home prices now over $1,000,000, the highest benchmark price you’ll find on the east coast is $530,900, in Halifax-Dartmouth.
- Read: Fewer Houses, Higher Prices: How Has Housing Affordability in Canada Evolved in the Last Five Years?
To learn how the East Coast has changed over the last half-decade, Zoocasa analyzed data for the last five years in the Maritimes and Newfoundland and Labrador and compared them to today’s prices to understand how they’ve changed.
Sustaining Affordability through Steady Growth
While some cities in Canada have had home price growth of well over $300,000 in the last five years, the East Coast has seen more manageable increases. The largest price increase came in Halifax-Dartmouth, where the benchmark home price has increased by $247,500 since August 2018. It’s the only area on our list that breached the $200,000 threshold. On a provincial level, Nova Scotia has had the second-highest growth on our list, likely partly owed to its booming capital city, with a $182,900 increase in benchmark price in the last five years. The smallest increase came in Newfoundland and Labrador, where the composite benchmark price only grew by $48,500.
Those looking at the most affordable province or city to buy in will find themselves looking at New Brunswick. It’s the most affordable province on the list, with a benchmark home price of $293,800, having grown by over $130,000 in the last year. Fredericton is also the most affordable city on our list, with a home price of $290,700.
Affordability Varies Across the East Coast Depending on the Property Type
New Brunswick is the place to go if you’re looking for a single-family or townhouse property. The benchmark price of a single-family home has grown $130,300 in price in the last five years to $294,800, while townhouses have grown from $116,800 to $251,000. Despite Newfoundland and Labrador having smaller growth in both property types, with an increase of just $49,800 for single-family homes and $35,300 for townhouses, New Brunswick remains the most affordable.
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Condo apartments, however, are most affordable in Newfoundland, having seen minuscule growth in the last five years. Condo prices have only grown by $20,700 in the last five years in the province, nearly $100,000 less than New Brunswick and $194,000 less than Nova Scotia. A condo apartment in Newfoundland costs $224,100, $44,000 cheaper than one in New Brunswick.
If you’re looking to buy or sell on the East Coast, we’re here to help. Give us a call today. Our experienced real estate agents will help you navigate the market to find the right home for you.
