Great Places to Settle Down in Atlantic Canada

The Atlantic Canada real estate market continues to be one of the most impressive success stories of the last two years, and the country’s eastern seaboard has earned its exceptional gains.

For decades, the east coast had suffered from a population exodus, a lackluster economy and a quiet housing market. This all changed in the aftermath of the first wave of the coronavirus pandemic, when the world seemed to turn upside down and consumer trends drastically evolved.

Indeed, from Prince Edward Island to New Brunswick, Atlantic Canada is booming right now. In fact, the latest Statistics Canada data show that the Maritimes are enjoying an increase in population thanks to folks fleeing Ontario, British Columbia and Quebec and planting new roots out east. And experts are expecting even more to flock to places throughout Atlantic Canada.

For example, Halifax Partnership is forecasting the Halifax Regional Municipality’s (HRM) population could grow to 650,000 in a decade.

“Really, in the last two years, approximately 20,000 new residents have come to Halifax,” said Wendy Luther, President and CEO of Halifax Partnership, in a statement to CTV News. “We are consistently ranking as one of the top jurisdictions, one of the top places to live and work in the world.”

So, if you are considering settling down in Atlantic Canada, what are some of the best places?

Great Places to Settle Down in Atlantic Canada

Halifax, Nova Scotia

Indeed, Halifax is quickly becoming one of Canada’s newest financial hubs, thanks to its city centre redevelopment and population boom. Halifax is set to become a major urban centre that enjoys a unique vibe that is hard to rival. While prices are accelerating, prospective homebuyers can still get in, while prices remain below the national average.

April Summary (Year-over-Year) from the Nova Scotia Association of REALTORS®:

• Residential Sales: -33 per cent to 631 units
• Residential Average Price: +29.4 per cent to $603,386

Cape Breton, Nova Scotia

For years, Cape Breton was considered a place only to visit, not permanently relocate. However, this distinction has drastically changed in recent years. One look at this part of Nova Scotia will have you wondering why you never visited or lived there before the pandemic. Be it autumn or spring; Cape Breton is beautiful all year round.

April Summary (YoY) from the Nova Scotia Association of REALTORS®:

• Residential Sales: -27.1 per cent to 86 units
• Residential Average Price: +14.2 per cent to $285,759

Fredericton, New Brunswick

Fredericton is undoubtedly a small town in the Maritimes, but it definitely is one of the nicest jurisdictions in Atlantic Canada. If you have yet to see what it looks like in the fall, you must do a quick Google search. You will fall in love immediately. Imagine living there every season!

April Summary (YoY) from the New Brunswick Real Estate Association:

• Residential Sales: 293 units
• Residential Average Price: $342,310

Charlottetown, Prince Edward Island

Charlottetown is the provincial capital and maintains one of the richest histories in all of Canada. From impeccable architecture to terrific post-secondary institutions and gorgeous sights and sounds, Charlottetown enjoys an urban vibe that can only be found in Atlantic Canada.

April Summary (YoY) from the Prince Edward Island Real Estate Association:

• Residential Average Price: +20.3 per cent to $414,742

St. John’s, Newfoundland and Labrador

Like Halifax, St. John’s is becoming an economically viable urban hub in the Maritimes. While it is still a city centre on the grow, the population influx could support more significant development and more economic opportunities. Even now, it remains an exceptional place to live and work.

April Summary (YoY) from the Newfoundland and Labrador Association of REALTORS®:

• Residential Sales: -6.7 per cent
• Residential Average Price: +10.6 per cent to $296,200

A Slower Pace, Higher Living Standards

Is it still realistic to find a bargain in the Canadian real estate market? Although today’s conditions have prompted industry experts to call it a housing affordability crisis, other analysts purport it is more of a regional affordability crisis. The average price of a home in Toronto is north of $1 million, but the average price in Fredericton, for example, is just under $342,000.

There is a reason why the Maritimes is witnessing notable out-of-province growth. Of course, homebuyers will flee to places with residential properties within their budgets. So, Saskatchewan could be seeing tremendous gains too. For now, it is all about Atlantic Canada!

As long as these places adapt to the changing landscape with better infrastructure, better hospitals, and more public transportation options, the economic development that could transpire in the coming years should be phenomenal.

Why wouldn’t you want to live in Truro, Nova Scotia or Edmundston, New Brunswick?