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 

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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