Population growth

The population of the St. John's metro area is growing again after a few years of stagnation. Population in St. John's metro was estimated at 219,119 in 2022, up 2.3% (+4,852) according to Statistics Canada.

The St. John’s metro area represents 42% of Newfoundland and Labrador’s population and accounted for 88% of the growth in the provincial population in 2022.

Residential real estate and household income activity

Housing starts in St. John’s metro increased by 96% (+773) units according to the Canada Mortgage and Housing Corporation. Home sales in St. John’s were less impacted by the rising interest rates and uncertainty compared to the rest of the country.

The overall MLS® Home Price Index composite benchmark price for homes in St. John’s was $316,800 in December 2022, a gain of 5.1% compared to December 2021.

St. John's metro household income increased 9.1% to $12.9 billion in 2022, driven by increased employment and gains in wages, making the St. John's area one of the five most affordable Canadian cities in which to purchase a home, based on average prices and median income data, according to Statistics Canada and a recent National Post article.

The St. John’s apartment vacancy rate dropped slightly to 2.9% from 3.1% in 2021, and the average rent for a 2-bedroom apartment increased slightly to $1,038 from $1,026, according to the Canada Mortgage and Housing Corporation.

Business and development activity

In 2022, the value of commercial building permits increased 9% to almost $132 million. Also in 2022, the City of St. John’s approved 139 new businesses – 22% of which were home-based – compared to 141 new business approvals in 2021.

Commercial and industrial real estate activity

In fourth quarter 2022, the overall office vacancy rate in St. John's metro decreased slightly to 19.1%, down from 20.3% in 2021, according to Cushman & Wakefield Atlantic.

The overall industrial vacancy rate in St. John’s metro decreased to 10.1% in fourth quarter 2022, down from 12.8% in 2021.

City of St. John's Economic Review 2022

The City of St. John's has released Economic Review 2022, our annual report on economic indicators for the St. John's Census Metropolitan Area.

"Our economy showed signs of moderate to strong growth last year," said Mayor Danny Breen, Council Lead for Economic Development. "The population is once again growing, unemployment is down, household income is up and the outlook for 2023 is positive."

The City of St. John's prepares a variety of economic and statistical information including Economic Review, Economic Outlook and the monthly Economic Snapshot. Sign up to receive these publications and read other economic data at StJohns.ca/Economy.

The City of St. John's makes the list of the five most affordable Canadian cities to purchase a home – and it's a prime market for single home buyers – based on average prices and median income data from Statistics Canada. Read the full story in the National Post. #WorkRemoteNL

Recently, St. John’s International Airport proudly launched Art Upon Arrival – an arts-based initiative to infuse the traveller experience with local culture. The partnership, between the Government of Newfoundland and Labrador and Business and Arts NL, showcases work by local artist Molly Margaret.

New estimates released by the board that regulates the offshore industry in Newfoundland and Labrador reveal that the amount of recoverable oil linked to the Bay du Nord project is now close to one billion barrels, effectively doubling previous estimates. Read the full story.

Happy to see you! The 11th annual Booking.com Traveller Review Awards have been announced, with the City of St. John's placing fourth on 2023's Most Welcoming Cities in Canada. Newfoundland and Labrador also makes the cut as one of the top ten Most Welcoming Regions on Earth! Read the full story.

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