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Located in the most eastern part of Canada, Newfoundland and Labrador is rich in Irish, English, French and Indigenous heritage. The province has a long history of fishing and coastal life.
Besides the beautiful coast, one of the biggest draws to visit Newfoundland and Labrador is the Folk Architecture. This type of dwelling is boxy in shape, with mostly flat sides. In the provincial capital of St. John's, many of the city's homes have been painted in bright colours.
Home sales in the province increased by nearly 23% in July 2020, hitting a July record that hadn’t been seen in the last decade. Overall, the highest percentage of single detached housing ownership in the country is in the eastern provinces, with 73% in Newfoundland and Labrador versus 54% in the rest of Canada. About 77% of residents in Newfoundland and Labrador are homeowners. Home prices in the province have remained flat for many years, but have recently started to show some upward movement. The average price as of July 2020 was $252,000, up 1.7% compared to a year earlier.
Why might the housing market slowdown in Newfoundland?
Population growth is lagging on the island. As the aging population downsizes and put their homes up on the market, the younger population is moving out of the province. These factors could combine and cause house sales to stagnate.