Average Increases Slightly in St. John

Saint John, NB is an industrial city which has many challenges, as does the entire province of New Brunswick. The Canada East Pipeline Project appears to be an on again/off again affair, with completion schedules which are far into the foreseeable future. Although Saint John is home to the largest privately-owned oil refinery in Canada, no other large industrial developments appear to be in the works. As a result, property taxes are high and non-owner occupied property is taxed at double rate, which is not helpful for those who can’t afford to own their own home. Vacancy rates are in the 10%+ range, housing stocks are higher and sales of residential units are lower. Looking at the market numbers for Grand Bay-Westfield, Saint John, Rothesay and Quispamsis the average sale price for a residential property for March 2017 was $212,593 up slightly from the $200,733 recorded the month prior.