New Subdivision in Pleasantville

November 19, 2008 · Filed Under Local St. John's, St. John's General and St. John's Real Estate · 1 Comment 

An interesting article on the CBC website today titled: Community within a community: Housing plan pitched for Pleasantville discussing a proposal for a new subdivision with a mix of condo’s and houses.  Even more interesting are the comments left by residents of St. John’s.  Most seem dead-set against the idea.  Here’s the article below.  What are your thoughts?

A Crown corporation hopes to see a mix of houses, condos and apartments built on the site of a former U.S. military base in St. John’s, on one of the prime undeveloped areas of the city.

Canada Lands Corp. is showcasing its plans for redeveloping Pleasantville and on Wednesday night will make a formal presentation on how it hopes the site — north of Quidi Vidi Lake, and within walking distance of downtown St. John’s — can be transformed.

Project manager John Dalton said the idea behind the mixed development is to create a community within a community.

“If you get that mix, you get what you call aging in place, where someone can move in as a young couple. If they need a bigger place, they could buy a home [and] they could have children,” Dalton said.

“Then, as they become empty-nesters, they could potentially move to an apartment or a condominium, and finally, at that stage of life which we’re all heading, as you’re getting to be … needing some assistance, we’re even providing an opportunity of assisted living.”

The U.S. military developed much of the land as Fort Pepperrell, which was built during the Second World War.

Years later, the site was turned over to the Canadian government, which used part of it as Canadian Forces Station St. John’s and other parts as offices for government departments. The former Janeway children’s hospital was built there in the 1960s, but was demolished earlier this year.

Canada Lands Corp.’s plan of divesting the lands, now considered surplus, will see about 960 residential units built, including single-family and multi-unit homes and hundreds of condominiums. The plan also includes two 10-storey towers that would be built along Logy Bay Road.

Housing advocates and social agencies have long called for a greater mix of housing in the central part of St. John’s, particularly for affordable housing for low- and middle-income earners.

The plan will come under a lot of scrutiny from residents of neighbouring streets, including Alister Eaton, who lives on Ross Road.

“That’s probably the best site left in metropolitan St. John’s. I mean, I grew up here,” said Eaton, adding that the Pleasantville site has had historic attachments, including a training site for the Royal Newfoundland Regiment in 1914.

“It’s always been a sort of historic place and I think done properly it will be great.”

The plan incorporates a $101-million upgrade planned for Canadian Forces Station St. John’s, which is relocating to one corner of the land it currently occupies.

Canada Lands Corp. will make a formal presentation to area residents on Wednesday at 7 p.m. at the Royal Canadian Legion on The Boulevard.

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Vacancy Rate in St. John’s Decreases

November 13, 2008 · Filed Under First Time Buyers, St. John's Investments and St. John's Real Estate · Comment 

Several factors will decrease the vacancy rate this year and in 2009 CMHC reports.

As home ownership costs rise, the movement of renter households to home ownership will continue to slow. However, out-migration of the 18 to 24 year-old segment of the population will persist and once again this will put upward pressure on the vacancy rate. In fact, close to 80 per cent of this age group tend to be renter households. Investment in rental housing will increase the supply only slightly this year and next.

Accordingly, the vacancy rate for structures containing three or more units is forecast at 1.0 per cent in 2008 and 1.5 per cent in 2009. With the vacancy rate decreasing, expect monthly rents to increase by 6.0 and 11 per cent this year and next, respectively, as landlords attempt to recover increased costs associated with maintaining the rental stock and lower vacancies and higher energy costs exert upward pressure on rents.

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St. John’s Fall Housing Market

November 12, 2008 · Filed Under Market Trends, Newfoundland Oil and Gas, St. John's Investments and St. John's Real Estate · Comment 

CMHC has released the following report.

Strong fundamentals such as a solid local economy, continued immigration and favorable employment will sustain the demand for housing within the St. John’s region throughout the remainder of this year and in 2009. Accordingly,  the housing market will continue to perform well. The renovation sector will build on its recent strength, exceeding $800 million annually over the forecast period. With home ownership costs increasing, some prospective buyers remain sensitive to prices when considering the purchase of a home. However, personal income growth and a tight labour market will continue to provide support to the overall level of demand for both new and existing homes.  Furthermore, energy related announcements such as Hebron and growth throughout the Newfoundland oil industry continue to fuel the housing market, with unprecedented buyer demand supporting current and future house price appreciation.

Having posted record sales for several years in a row, the St. John’s resale market is expected to continue this trend, eclipsing the 4,000 unit mark this year and in 2009. Accordingly, the forecast calls for MLS® sales of 4,800 units this year, with 4,400 sales expected in 2009. With many new homes selling through the MLS® system, solid numbers for housing starts will have a positive impact on total MLS® sales over the forecast period.

Unprecedented housing market activity this year has been characterized by higher than normal unit sales, constrained listings supply and sharp price increases. In fact, active listings are approximately 40 per cent lower this year versus last year and with demand expected to remain high over the forecast period, unit sales growth will be constrained by fewer listings in 2009. While favorable for sellers, very tight resale market conditions have proved challenging for buyers, resulting in multiple offers and offers above list price on choice listings.

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Canada Real Estate News Roundup #2

November 7, 2008 · Filed Under Real Estate Roundup · Comment 

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October Newfoundland Real Estate MLS Stats

November 4, 2008 · Filed Under First Time Buyers and St. John's Real Estate · Comment 

The monthly Newfoundland Real Estate MLS housing price break down is showing a 1% decrease in listings this month and an increase of 21% in home purchases.  Year to date, listings are up slightly by 1% and sales up 14% compared to this time last year.  Interestingly, the total dollar value in sales was up 47% for the month of October.

Total # of New MLS Listings [Oct] = 764

Total # of Sales [Oct] = 636

Number of Active Listings in the NLAR MLS System = 2595

The average price of a home in the St. John’s Real Estate market is now $187,636 year to date for 2008.  Compared to $167,847 YTD for 2007.  Remember this is for ALL Newfoundland (nlar.ca)

Here is a break down by area for the month of October

St. John’s Real Estate: Listings = 186 Sales = 136 Sales/Listings Ratio = 73%

Average Sale Price: $202,896

Mount Pearl Real Estate: Listings = 15 Sales = 17 Sales/Listings Ratio = 113%

Average Sale Price: $186,612

Paradise Real Estate: Listings =31 Sales = 36 Sales/Listings Ratio =116%

Average Sale Price: $234,681

East Extern Real Estate: Listings = 28 Sales = 32   Sales/Listings Ratio = 114%

Average Sale Price: $219,193

Conception Bay Real Estate: Listings = 47   Sales = 40  Sales/Listings Ratio = 85%

Average Sale Price: $231,552

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Are we seeing a slow down in the Newfoundland real estate market?

November 3, 2008 · Filed Under Local St. John's, Market Trends and St. John's Real Estate · Comment 

The stats for the past few months have shown significant price gains in the St. John’s real estate market. However,  the past few weeks we’ve been noticing a slow down in activity.  The stats of course have not be tallied at this point, but it will be interesting to see if this is a trend or a simple lull in the market.

Typically this time of year the real estate market slows a little.  We normally see a quieter October, ramping up in November and then slowing as we near Christmas time.

The month of October brought fear throughout most of North America, if not the world. With the stock market tumbling, prime lending rate dropping, rumors of a recession, the cost of oil dropping (currently sits at $64.72 as I write this) and the removal of the 40 year, 100% financed mortgage.  Quite the exciting month.

Have the effects of this past months news slipped into our real estate market?  Most of the real estate markets throughout Canada have been in a slight decline.  (Check out Maggie Chandler’s post on what Canadian cities housing prices are up and what ones are down)

Are we slowing into this trend or are we just seeing a normal yearly slow down?

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