St. John’s Housing Starts Increase in September

October 29, 2008 · Filed Under Market Trends, St. John's Investments and St. John's Real Estate · Comment 

ST. JOHN’S, October 8, 2008 – Urban housing starts increased during the month of
September, according to preliminary data1 released today by Canada Mortgage and
Housing Corporation (CMHC). September’s total housing starts increased 18 per cent,
with 268 posted throughout Newfoundland and Labrador compared to 227 a year ago.
So far this year, urban housing starts total 1,580 across the province, up 22 per cent.
209 of the 268 provincial starts were recorded within the St. John’s region versus 178
last September, an increase of 17 per cent. Year-to-date, housing starts within the St.
John’s region are 23 per cent higher than the same period last year, with 1,288
recorded.
“New home demand remains very high within the local housing market and much of the
increase in housing starts during September can be attributed to a 40 per cent reduction
in existing home inventory so far this year,” said Chris Janes, Senior Market Analyst with
CMHC in Newfoundland and Labrador. “With the Hebron agreement now in place, a
bustling local economy and positive in-migration, both the new and existing home
markets continue to show signs of strength,” added Janes.
For Canada’s urban centres, total housing starts retreated 20 per cent with 17,644 in
September compared to 22,033 during September of 2007. Single-detached starts fell
23 per cent to 6,299 while multiple starts of 11,345 represent an 18 per cent decrease
from a year ago. Throughout Atlantic Canada, there were 1,030 urban housing starts
versus 1,029 the previous September.

Just released from CMHC Housing Now Publication

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New listing in Paradise - 154 Elizabeth Drive

October 24, 2008 · Filed Under New MLS Listings and Paradise Listings · Comment 

New listing on 154 Elizabeth Drive in Paradise. Fully developed 4 year old home with rear yard access to 16×20 detached garage. Eat-in country style kitchen with birch cabinets. Hardwood floors throughout main with porcelain tile in porch, kitchen and bathroom. Basement fully completed with separate den, large rec room and bathroom. Rec room has rough in for wet bar. Garage is insulated and fully wired. Landscaped, fenced and greenbelt at rear. Shows like new!! Asking price $245,900.  Call Fraser or Stephen Winters for more information or a private viewing. 682-9245 or 682-9045.

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Canadian Real Estate News Roundup

October 22, 2008 · Filed Under Real Estate Roundup and St. John's Real Estate · Comment 

It’s the middle of the week and after having brutal weather, very high winds and approximately 65mm of rain I had a little time to surf the web.  :) Below are a couple of real estate related articles and news clips I stumbled upon.  Enjoy!

  • Looking for a couple quick and simple kitchen reno ideas?  Lazy Man and Money has a post on his blog on the topic of Easy and Cheap Home Remodels.
  • Urban housing starts increased during  September, according to preliminary data released today by Canada Mortgage and Housing Corporation.   Read more on the article St. John’s Housing Starts Increase in September and see the break down for other cities in Newfoundland.

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Sellers Market in St. John’s Keeps Active Listings Down

October 21, 2008 · Filed Under St. John's Real Estate · Comment 

Unprecedented demand for housing has driven active St. John’s residential listings approximately 42% lower to the end of the third quarter.  Active listings for July, August and September were 1,921, 1,693 and 1,524, respectively with new listings of 870, 632 and 744, respectively. New listings increased 6% during the third quarter, but the dramatic decline in active listings kept overall listings low.

There were 2,246 new residential listings during the third quarter compared to 2,120 during the same period last year. With sellers conditions, active listings averaged just 1,713 from July to September versus 2,756 during the third quarter of 2007.

Sales to active listings ratio hit 36% in September and averaged 33% during the third quarter versus 19% the third quarter of 2007.

Bank of Canada cut its rate 50 basis points (0.5%) October 8th, making it a full 2% in cuts since December 2007. Bank rate currently sits at 2.50% with the prime lending rate ranging from 4.25% to 4.35% at Canadian banks (as of October 17th).  Quite possible that the Bank of Canada could cut its rate again by another 50 basis points by the end of this week lowering the lending rate to 2.00%

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Newfoundland MLS residential house prices surge

October 20, 2008 · Filed Under Market Trends and St. John's Real Estate · 1 Comment 

Third quarter average Newfoundland MLS residential house price surged 19% to $182,306 compared to $153,053 during the third quarter of 2007, with additional price growth expected throughout the remainder of this year and next.  Average price is closer to $200,000 in St. John’s, Mount Pearl and Paradise.

MLS® sales advanced 11% to 1,695 units compared to last year’s third quarter sales of 1,529 units. The monthly break down for the third quarter:  July, August and September MLS® sales were 610, 541 and 544, respectively.

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Average Housing Price Lower across Canada

October 15, 2008 · Filed Under Real Estate Articles and St. John's Real Estate · 2 Comments 

Average price of a home in Canada fell by 6.2 per cent since last year to an average of $315,461.  It was the fourth straight month in which prices fell on a year-over-year basis.

It appears that there are still pockets of real estate markets across Canada that are still booming.  However price declines in some of Canada’s more expensive housing markets will far outweigh further price gains in other markets (ie St. John’s Real Estate market)

Calvin Lindberg, CREA president says “Informed buyers and informed sellers look at the facts. And the facts right now indicate the real estate resale market is stabilizing in many markets.”

“There have also been a number of initiatives that will have an impact going forward, including the government’s decision to invest $25 billion in insured mortgage pools, the recent drop in the Bank of Canada rate, and the new rules reducing the maximum amortization to 35 years instead of 40,” the CREA President adds. Those new mortgage rules go into effect October 15th. “The third quarter MLS® statistics and these developments are more factors showing the Canadian market is not following U.S. housing trends.”

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September Newfoundland Real Estate Stats

October 2, 2008 · Filed Under First Time Buyers, Home Maintenance, Monthly MLS Stats, Mount Pearl Listings and St. John's Real Estate · Comment 

The monthly Newfoundland Real Estate MLS housing price break down is showing an increase of 6% in listings this month and an increase of 27% in home purchases.  Year to date, listings are up 1% and sales up 13% compared to this time last year.  Properties sold in St. John’s in the $180,000 to $350, 000 range have doubled in number of units sold.

Total # of New MLS Listings [Sept] = 834

Total # of Sales [Sept] = 606

Number of Active Listings in the NLAR MLS System = 2587

The average price of a home in the St. John’s Real Estate market is now $183,929 year to date for 2008.  Compared to $165,813 9YTD) for 2007.  Remember this is for ALL Newfoundland (nlar.ca)  Prices are closer to the $200,000 average in St. John’s, Mount Pearl and surrounding areas.

Here is a break down by area for the month of September for single family homes

St. John’s Real Estate: Listings = 178 Sales = 122 Sales/Listings Ratio = 67%

Average Sale Price: $192,575

Mount Pearl Real Estate: Listings = 21 Sales = 24 Sales/Listings Ratio = 114%

Average Sale Price: $177,445

Paradise Real Estate: Listings =52 Sales = 32 Sales/Listings Ratio = 61%

Average Sale Price: $210,327

East Extern Real Estate: Listings = 43 Sales = 25   Sales/Listings Ratio = 54%

Average Sale Price: $219,413

Conception Bay Real Estate: Listings = 41   Sales = 41  Sales/Listings Ratio = 100%

Average Sale Price: $197,360

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