Meanwhile, the province remains one of Canada’s most affordable markets to purchase a home: even despite a 9.1% year-over-year increase to the MLS HPI composite benchmark price for homes in St. John’s, that figure stood at $316,300 in June, a fraction of the eyewatering prices in other leading cities.
The market also appears well positioned to ride out the impact of increasing interest rates that are causing headaches for borrowers and would-be buyers in other areas. Robert Jennings (pictured top), broker at the St. John’s-based East Coast Mortgage Brokers, told Canadian Mortgage Professional that the province held a key advantage over other regions because of its strong affordability.
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