The housing market in Newfoundland and Labrador experienced notable gains in January 2025 compared to the same period in 2024.
Sales
In January 2025, the province recorded a total of 340 home sales, which represented a 28.8% increase over January 2024, according to the CREA. This was 13.8% above the five‐year average and 42.1% above the 10‐year average for January.
Price
The average price of residential properties sold reached $335,448, marking a 12% year-over-year increase.
Listings and Inventory
There were 619 new residential listings reported, a minor decrease of 3.4% from January 2024, while the number of active listings at the end of the month was 1,924. This was a notable decline of 21.9% compared to January 2024 and the lowest level for this month in more than 15 years. This level of inventory translates to approximately 5.7 months of supply.
Employment Trends
Recent labour market data from Statistics Canada shows that Newfoundland and Labrador had roughly 243,000 employed persons in January 2025, with a seasonally adjusted unemployment rate of 10.6% for the province.
The labour force in St. John’s is around 132,600 individuals, and employment figures are reported at about 123,500 persons. The unemployment rate in the St. John’s metropolitan area is approximately 6.8% in January 2025.
For reference, the unemployment rate in Canada was 6.6% in January 2025.