St. John’s Cottage Market Trends (2023)

The St. John’s cottage market currently favours sellers, which is expected continue for the remainder of 2023. Over the past year, market activity has been primarily driven by Millennial families and out-of-province retirees.

The average recreational property sale price in the region increased by three per cent year-over-year (from $244,333.00 in Q1 2022 to $251,667.00 in Q1 2023). The average number of sales decreased by 46 per cent year-over-year (from 13 in Q1 2022 to 7 in Q1 2023).

It’s worth noting that market’s small size has largely shielded it from being impacted by trends in the recreational market affecting other regions in Canada, like the Foreign Buyers’ Ban and the predicted intergenerational transfer of wealth from retiring Baby Boomers and their families.

“Not unlike many other regions across the country, the biggest challenge facing our recreational market this year is the lack of inventory – 50 per cent fewer listings on the market since 2021. This has resulted in extremely high demand – properties aren’t on the market for more than 30 days at a time with some listings receiving 12+ calls within 24 hours of being listed,” says Jim Burton, Owner, RE/MAX Infinity Realty Inc.

Average sale prices in the St. John’s cottage market are anticipated to increase three per cent for the remainder of 2023, while the number of sales is expected to decrease by 30 per cent.