New Brunswick loses status as Canada’s most affordable province to buy a house

Soaring real estate prices over the last three years have cost New Brunswick its status as the cheapest province in Canada to buy a house.

That title now belongs to Saskatchewan.

According to data compiled by the Canadian Real Estate Association (CREA) and released last month, the calculated benchmark price of a home sold in New Brunswick in April, including houses, townhouses and condominiums, reached $313,700.

That is 34.2 per cent higher than one year earlier and nearly double prices in the province from three years ago.

New Brunswick home sales in 2022 have not been as frenzied as in 2021 with deals running about 17 per cent below last year’s record levels but most everything that is listed is selling and prices have remained strong, according to Saint John real estate agent Marcus Power.

“The number of buyers have slowed down, but there’s still multiple offers on every listing,” said Power.

“I’m writing offers that are getting turned down every day.”

New Brunswick’s housing market became energized during the COVID-19 pandemic with thousands of Canadians moving east in search of cheaper housing, more space or a different lifestyle.

Thousands of immigrants also arrived from abroad generating the most significant population growth in the province in more than 40 years.

Statistics Canada now estimates 804,000 people are living in New Brunswick, up 31,000 in the last three years. 

The influx created an intense demand for housing that has driven up both the cost of owning a house and renting an apartment.