The St. John’s real estate market will continue to favour buyers in 2020, according to the 2020 RE/MAX Housing Market Outlook Report. The sale price expectation for St. John’s real estate market in 2020 is a decline of two per cent.
While the number of sales increased year over year, the average home price dropped 1.8 per cent from 2018 to 2019. Increased consumer confidence is bolstering the market after a multi-year decline, however buyer’s market conditions are expected to persist in 2020.
Affordability is always a topic of conversation, but the St. John’s real estate market offers greater affordability than many other major cities across the Canada. What a great opportunity to purchase your home or an investment property.
Consumer confidence is starting to increase and is expected to start to stabilize the market, particularly with the flurry of activity at the low end of the market and some offshore oil projects. However, an increasingly aging population, combined with migration to other parts of Canada, is bound to impact the St. John’s housing market at some point in the future.
Move-up and first-time buyers are expected to drive market activity in 2020, with the Galway subdivision expected to be in highest demand.
Any questions on the St. John's real estate market please contact me.