Housing prices in the province have risen by $141,500 in three years.

The rise in real estate prices _over the past three years_ has cost New Brunswick its status as the cheapest province in Canada to buy a home.

This ranking now belongs to Saskatchewan.

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

This is an increase of 34.2 percent over the previous year and nearly double the province’s prices from three years ago.

Home sales in New Brunswick in 2022 were not as high as in 2021, as deals were about 17 percent lower than last year’s record levels, but most everything listed is selling and prices remain strong, according to Saint John real estate agent Marcus Power.

Power said, "The number of buyers has slowed down, but there are still multiple offers on every listing."

"I write offers that get rejected every day."

On the same topic, the housing market in New Brunswick became active during the COVID-19 pandemic as thousands of Canadians moved east in search of cheaper housing, more space, or a different lifestyle.

Thousands of immigrants also arrived from abroad, leading to the largest population growth in the province in over 40 years.

Statistics Canada now estimates that 804,000 people live in New Brunswick, an increase of 31,000 people over the past three years.

The influx has increased demand for housing, leading to higher costs for home ownership and renting apartments.

Similarly, prices have risen across the province, but more sharply in the Moncton area where the benchmark price for a single-family detached home in Dieppe in April reached a record $480,000. This is an increase of $128,000 over last year.

Mike Power, president of Greater Moncton Real Estate Brokers, said in a press release on benchmark prices in southeast New Brunswick: "Upward price pressure remains steady."

"And market conditions are far from balanced in our area." There are still negotiations.

Prices in northern New Brunswick are 35 percent less than regional averages, although those prices have risen significantly over the past three years.

According to CREA data, the total benchmark sale price for a home in New Brunswick three years ago in April 2019 was $172,200. It was the cheapest among provinces by a wide margin at the time and far lower than Saskatchewan, whose benchmark home sale price was $258,900.

However, this April saw a price increase in New Brunswick of $141,500 compared to three years ago, reaching $313,700.

Saskatchewan now holds the cheapest housing prices among provinces at $295,000.

Housing prices in New Brunswick remain the cheapest in Atlantic Canada and remain less than half the national average.

In Canada generally, the benchmark price for a home sale in April was $746,146.

Editor: Dima Abu Khair