While St. John’s housing prices continue to rise, Moneysense magazine says the city is still home to some of the best real estate deals in the country. In an article in the magazine’s June edition, Moneysense places St. John’s ninth out of 35 major markets across Canada.
“Its biggest resource is the ocean, which now provides Newfoundland with an offshore oil industry attracting scores of newcomers in search of work,” reads the St. John’s entry, which also noted the city’s economic growth of 5.8 per cent last year and the emergence of the province’s mining sector. “Although house prices have gone up by almost 36 per cent over the past four years, the average house still goes for just $255,000.”
The article ranked the locations in three categories: value (reasonableness of prices), momentum (how hot the market is) and economy (local prosperity). St. John’s earned a B, an A and a B-minus respectively, for an overall mark of B-plus. Moncton, N.B., tops the list with an overall A ranking.
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