St. John’s Real Estate Housing Starts for March 2014

April 8, 2014 · Filed Under CMHC Reports · Comments Off 

Housing starts in the St. John’s Real Estate Market were trending at 1,587 units in March compared to 1,842 in February according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.

“Residential construction activity in St. John’s trended lower in March,” said Chris Janes, Senior Market Analyst with CMHC’s Atlantic Business Centre. “The downward trend can be attributed to a slower rate of economic growth than has been seen in recent years and has impacted both single- detached and multiple starts in 2013,” added Janes.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 298 units in March compared to 1,891 in February.

(Source: CMHC http://www.cmhc-schl.gc.ca/odpub/press/2014/2014_04_08_0945_ENL.pdf)

St. John’s Real Estate MLS housing market outlook for first quarter 2013

June 25, 2013 · Filed Under CMHC Reports, Market Trends, New Home Construction and Newfoundland Economy · Comments Off 

mls sales forecast st. john'sFor the St. John’s real estate market, starts for the first quarter of 2013 were 176.  133 of which was single detached.  Total starts declined 38.7% with only a 6.3% decline for single detached.The average MLS price for a home in the St. John’s Real Estate Market was $309,551 for the first quarter of this year. This is an increase of 4.3% from last year’s first quarter. MLS sales have decreased by 34.1% comparing the two quarters.

Below are some snippets from CMHC’s Housing Market Outlook – Atlantic Region

  • Hhousing-startsousing starts in Atlantic Canada increased close to 33 per cent in the first quarter as a result of a significant rise in multiple starts. Single starts were down close to 24 per cent.
  • Three of the four Atlantic provinces increased starts.  Newfoundland was the lone decliner of new home starts
  • Residential home starts declined 26% for Newfoundland
  • Housing starts in Atlantic Canada are expected to fall about 11% for 2013 and a further 6% for 2014
  • Multiple starts to fall 17% for 2013 and 12% for 2014 for the Atlantic provinces
  • MLS® prices in the first quarter of 2013 were up close to three per cent. The full-year forecast for 2013 is for an increase of two per cent with a further 2.3 per cent rise expected in 2014.
  • Sale were down close to 13% for the first quarter 2013
  • Newfoundland will have the best economic performance in Atlantic Canada in 2013 and 2014 in terms of GDP growth. 2.5% for 2013 and 1.5% growth in 2014.

 

December 2012 Housing Starts in St. John’s Newfoundland (CMHC report)

January 9, 2013 · Filed Under CMHC Reports · Comments Off 

Housing starts in St. John’s, Census Metropolitan Area (CMA) were trending at 2,225 units in December, according to Canada Mortgage and Housing Corporation (CMHC).The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts. The standalone monthly SAAR was 2,182 units in December, upfrom 2,150 in November.

“For 2012, single starts were flat while multiple starts advanced considerably, resulting in a 12 per cent increase in total new home construction activity throughout the St. John’s area. Growth in population, income and employment, paired with favourable mortgage rates, supported housing demand throughout the year,” said Chris Janes, CMHC’s Senior Market Analyst for St. John’s.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment  of the markets, which can be quite variable from one month to the next.

Single-detached starts added 120 actual units in December compared to 104 units a year ago. Multiple starts totalled 70 actual units in December versus 27 units in December of 2011. For 2012, total starts reached 2,153 actual units, with 1,292 singles and 861 multiples. Overall, total starts were 12 per cent ahead of 2011’s pace.

October 2012 Housing Starts in St. John’s

November 8, 2012 · Filed Under CMHC Reports and St. John's Real Estate · Comments Off 

Housing starts in the St. John’s Real Estate market, Census Metropolitan Area (CMA) were trending at 2,260 units in October, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates  (SAAR) of housing starts. The standalone monthly SAAR was 1,670 units in October, down from 2,122 in September.
After ten months, multi-family starts have risen substantially from the previous year,  contributing to the overall increase in total new home construction activity throughout the St.  John’s area. Favourable mortgage rates, income and employment growth, and positive migration flows  have supported housing demand in 2012,” said Chris Janes, CMHC’s Senior Market Analyst for St.  John’s.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets, which can be quite variable from one month to the next.

Single-detached starts added 104 actual units in October compared to 111 units a year ago. Multiple starts totalled 42 actual units in October  versus 29 units in October of last year. Year-to-date total starts have reached 1,776 actual units, with 1,069 singles and 707 multiples. Overall, total starts this year remain 12 per cent ahead of last year’s pace.

September 2012 Housing Starts for the St. John’s Real Estate Market

October 9, 2012 · Filed Under CMHC Reports · Comments Off 

Housing starts in St. John’s Census Metropolitan Area (CMA) were trending at 2,386 units in September, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) 1 of housing starts. The standalone monthly SAAR was 2,137 units in September, down from 2,416 in August.

“After nine months, both single-detached and multi-family starts have risen from the previous year.  Low mortgage rates, full-time employment gains, positive migration flows and a more balanced resale market have supported overall demand in 2012,” said Chris Janes, CMHC’s Senior Market Analyst for St. John’s.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for  considerable swings in monthly estimates and obtain a more complete picture of the state of the  housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are  largely driven by the multiples segment of the markets, which can be quite variable from one month to the next.

Single detached starts added 141 actual units in September 2012 versus 124 during September 2011.  Multiple starts totalled 58 actual units in September, with a similar number of units reported in  September of last year. Year-to-date total starts have reached 1,630 actual units, with 965 singles and 665 multiple starts. Overall, total starts this year remain 13 percent ahead of the pace set last  year.

Strong Second Quarter for St. John’s Real Estate Housing Market for 2012

August 7, 2012 · Filed Under CMHC Reports and St. John's Real Estate · Comments Off 

Continued growth in population,  income and employment supported  housing market activity during the  second quarter of this year. Both the  new home and existing home markets  were strong, due to solid growth in  the local economy that continued to  draw people to the St. John’s area.

New Home Construction  Activity Higher

New home construction activity advanced throughout the St. John’s area during the second quarter and price growth continued. There were  644 housing starts versus 572 in 2011’s second quarter. Single-detached starts activity totalled 409 compared to 387 a year ago, while 235 multiple  starts were recorded compared to 185 during the second quarter of 2011.

Throughout the entire St. John’s CMA, approximately three quarters of all new single-detached homes sold for more than $300,000 during the second  quarter. The fastest growing segment  of the market was the $400,000  plus segment, which increased to 29 per cent of total new home sales from 21 per cent a year ago.

The overall average new house price for the St. John’s CMA was $412,452 as compared to $346,476 recorded during the second quarter of 2011.  Led by several large, high-end new homes and condos, the average sale price was highest in St. John’s city at $507,586.

Stable Existing Home Market

Relatively unchanged inventory levels  contributed to stable existing home market conditions during the second quarter. Prospective home  buyers had a large number of homes to choose from as inventory levels remained similar to 2011’s second quarter. Listings remained on the market for an average of 78 days compared to 73 days during the second quarter of last year, with offers at approximately 97  per cent versus 98 per cent of asking  price a year ago.

For the St. John’s area, there were 2,158 new residential  listings compared to 2,145 during the  same period last year. Active listings  averaged 1,943 a month versus a  similar 1,971 during the first quarter  of 2011.

The average MLS® residential price in the St. John’s CMA was $277,899 compared to $265,350 during the  second quarter of 2011. The average
price continued to be supported by demand driven by local economic and demographic conditions.

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