[Real estate] NB the most dynamic Atlantic province with yearly 32% increase in prices in 2021

Like everywhere else in Canada, real estate prices kept on increasing in Atlantic Canada in 2021. However, between New Brunswick where prices have increased a lot, and Newfoundland where price levels have been steadier, great differences appear between the four Atlantic provinces.

+32%

...is the increase in real estate prices in New Brunswick from January 2021 to January 2022

$560,237

...is the median real estate transaction price in January 2022 in Halifax (+29.7% in comparison with January 2021)

+21%

...is the rise of price for real estate in 2022 in Canada
(with a median transaction at $748,439 as of January 2022)

How do the Atlantic provinces compare in terms of real estate prices?

As the chart below shows, Nova Scotia and New Brunswick are the two most dynamic Atlantic provinces in terms of real estate prices, both having a median transaction price increase superior to the national level (+21%) between January 2021 and January 2022 :

  • +32% for New Brunswick
  • +23.2% for Nova Scotia

With a median real estate transaction price now near $400,000, Nova Scotia remains the most expensive province for the housing market in Atlantic Canada. On the contrary, despite its spectacular growth in real estate prices, New Brunswick is still the place in Canada where real estate is the cheapest, with a median transaction price of around $275,000.

You can export this chart with the embed code below:

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On the other hand, Prince Edward Island and Newfoundland and Labrador show less dynamism than the rest of the country, with a median real estate transaction price increasing by "only" 17.6 and 11.9% - below the national average of 21% ($351,890 in PEI, $324,800 in NL).

Halifax remains by far the most expensive city for buying a home in Atlantic Canada in January 2022

In January 2022, Halifax-Dartmouth remains the most expensive city for housing across the Atlantic. With a median real estate transaction price now reaching $560,000 (+29.7% over the past 12 months), the city's real estate prices go beyond those of a city like Montreal ($517,800 in January 2022).

You can export this chart with the embed code below:

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With a spectacular 37.6% increase in only one year, Greater Moncton's median real estate transaction price now reaches $306,500, making it more expensive than cities in cities in Quebec including Quebec City and Trois-Rivières!

Except St. John's (only +10.2%) in Newfoundland, all the other main cities of the Atlantic benefit from the overall real estate market dynamism, with a 2021 annual growth of their median transaction prices of more than 20%.

The Atlantic’s real estate market prices still far below national levels

How do the Atlantic provinces compare with the rest of the country? They are globally cheaper in terms of real estate median prices. Far from BC's and Ontario's crazy levels (where it is now more than $1,000,000 on average to buy a home), NS ranks as the 5th more expensive province of Canada, PEI as the 7th and NL as the 9th. NB turns out to be the cheapest province of Canada as of January 2022.

Those examples show the big differences that exist between the diverse areas of the country in terms of housing market dynamism:

  • The median difference in real estate transaction prices between BC and NB is about... $760,000$
  • The median difference in real estate transaction prices between Greater Vancouver and Northern NB is about... $1,085,000!
RangeProvinces & TerritoriesAverage price for a real estate transaction (January 2022)
1British Columbia$1,040,888
2Ontario$998,629
-Canada (global)$748,439
3Quebec$474,941
4Alberta$443,398
5Nova Scotia$392,828
6Yukon$391,158
7Prince Edward Island$351,890
8Manitoba$338,772
9Newfoundland & Labrador$324,800
10Northwest Territories$295,583
11Saskatchewan$285,700
12New Brunswick$275,000
-NunavutNo data
Ranking of Canadian provinces by average price of a real estate transaction (data: CREA)

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Alexandre Desoutter, editor-in-chief at HelloSafe Canada

«The 2021 real estate numbers show that Atlantic Canada is dynamic, even if less than provinces like Ontario or BC. Despite difficult circumstances related to the Covid pandemic, the housing market increase in prices is impressive, with New Brunswick increasing by more than 32% over the past 12 months. The question now is: when and how that exponential trend will stop? Let's just hope that the housing market bubble does not explode all of a sudden in the future».

Our methodology 

Please note that the above-mentioned information is accurate at the date it is published. All our studies are based on reliable information sourced from public and private organizations. For further information on our editorial guidelines please click here.

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