Newfoundland and Labrador recorded the strongest year-over-year benchmark growth in Canada in January 2026, with the benchmark price surging 9.7% to $334,000. The average home price was $348,366, up 3.9% annually. Sales rose 8.9% to 288 transactions despite a 41.1% monthly decline from December. At 5.8 months of supply, the market is balanced with growing momentum.
Key statistics (January 2026)
| Metric | Value | Month-over-Month | Year-over-Year |
|---|---|---|---|
| Average Home Price | $348,366 | -1.6% | +3.9% |
| Benchmark Price | $334,000 | -0.3% | +9.7% |
| Total Sales | 288 | -41.1% | +8.9% |
| Months of Supply | 5.8 | N/A | N/A |
| Market Condition | Balanced | N/A | N/A |
Market conditions
Newfoundland and Labrador is in a balanced market as of January 2026 with 5.8 months of supply, sitting within the 4–6 month balanced range. Conditions are relatively fair for both buyers and sellers.
The standout metric is the benchmark price growth of 9.7% year-over-year — the strongest of any province in Canada. This indicates that the typical home in the province is appreciating rapidly, moving away from years of relative stagnation. The average price (+3.9%) lags the benchmark, suggesting the sales mix in January included a higher proportion of lower-priced properties.
Sales were up 8.9% year-over-year to 288, one of the few provinces to see annual sales growth. The 41.1% month-over-month decline is largely seasonal, as December often sees a year-end rush of closings.
Regional analysis
St. John’s is the dominant market in Newfoundland and Labrador, accounting for a significant share of the province’s total transactions. As the provincial capital and largest city, St. John’s benefits from a diverse economy that includes offshore oil and gas, healthcare, education, and a growing technology sector.
The St. John’s metropolitan area has seen increased interest from both local buyers and interprovincial migrants attracted by the province’s affordability. With the average provincial home costing $348,366, Newfoundland and Labrador offers some of the lowest home prices of any province — a fraction of what homes cost in Ontario, BC, or even Nova Scotia’s Halifax market.
Communities outside St. John’s — including Corner Brook, Gander, and Grand Falls-Windsor — offer even more affordable options, though with fewer services and amenities. Labrador’s housing market is smaller and more driven by resource-sector employment.
Key trends
- Strongest benchmark growth nationally — At +9.7% year-over-year, Newfoundland and Labrador’s benchmark price gain leads all provinces, signalling a meaningful acceleration in the typical home’s value.
- Sales growth bucking national trend — While most provinces saw declining sales, NL posted an 8.9% year-over-year increase, indicating growing demand.
- Most affordable province — At $348,366, NL offers some of the lowest average home prices in Canada, attracting attention from buyers seeking value.
- Oil and gas sector influence — The offshore energy sector continues to play a significant role in the provincial economy, and oil price movements can impact housing demand in energy-dependent communities.
- Balanced conditions — At 5.8 months of supply, the market is healthy and sustainable, without the extreme swings seen in larger markets.
Housing affordability
Newfoundland and Labrador is one of the most affordable provinces in Canada for housing. At an average of $348,366, a household would need an estimated annual income of approximately $87,000 with a 20% down payment — well within reach for many working families.
The benchmark price of $334,000 requires even less, at roughly $84,000. Communities outside St. John’s can be purchased for considerably less, often with incomes in the $60,000–$70,000 range.
Use our mortgage affordability calculator to determine how much home you can afford, or our income to afford home calculator to estimate the salary needed at Newfoundland and Labrador price levels.
Useful calculators
- Mortgage Calculator
- Mortgage Affordability Calculator
- Income to Afford Home Calculator
- Land Transfer Tax Calculator
- Closing Costs Calculator
- Mortgage Rates
- First-Time Home Buyer Guide
Related housing reports
- Halifax Housing Market — Nearest major city market
- Nova Scotia Housing Market — Neighbouring Atlantic province
- New Brunswick Housing Market — Atlantic region comparison
- Canada Housing Market Overview — National trends and provincial comparisons
Data Sources
The housing market data in this report is sourced from: