From the CMHC press release regarding vacancy rates in St. John’s.

According to Canada Mortgage and Housing Corporation’s (CMHC) Fall Rental Market Survey, the vacancy rate in the St. John’s Census metropolitan area (CMA) was 1.3 per cent, compared to 1.1 per cent in 2010.
“With record employment and income growth attracting people to the region, population growth continued to create rental demand as new immigrants have a high tendency to rent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “An increase in home prices and a solid economy also supported demand for rental units in 2011. These factors, coupled with limited new rental supply, continued to keep the local vacancy rate low,” added Janes.
Provincially, vacancy rates in percentage terms were 1.3 in the Corner Brook area, 1.2 per cent in Gander and 0.9 per cent in the Grand Falls-Windsor area. The combined provincial vacancy rate for all centres surveyed increased from 1.0 per cent to 1.3 per cent.
Overall, the average two bedroom rent was $701 across the five urban centres surveyed, with increases recorded in every centre. The highest average two bedroom rent recorded was $771 in the St. John’s CMA, while Bay Roberts posted the lowest average rent of $561. The remaining average two bedroom rents were $584 in Corner Brook; $567 in Gander and $646 in Grand Falls-Windsor.

 

MLS® Residential Sales Up in Third Quarter

• MLS® sales increased 12.8% to 1,493 compared to 2010’s third quarter sales of 1,323
• July, August and September MLS® sales were 499, 551 and 443, respectively
• Third quarter average MLS® residential house price climbed 6.5% to $253,755 compared to $238,285 during the third quarter of 2010

Buyers’ Market Conditions

• There were a 2,658 new residential listings during the third quarter compared to 2,356 during the same period last year, an increase of 13%
• Active listings or inventory averaged 2,750 a month from July to September versus 2,442 a month during Q3 of 2010
• The sales-to-active listings ratio indicated that 18% of listings sold in July, 20% in August and 17% in September, and averaged 18% during the quarter, unchanged from the third quarter of 2010

Active Listings Increase

• Active residential listings or inventory increased approximately 13% during the quarter
• Active listings for July, August and September were 2,816, 2,807 and 2,628, respectively
• With inventory increasing on par with sales, housing market conditions favoured buyers during the whole third quarter

CMHC released the July Housing Starts for the St. John’s Area report yesterday. Below is the press release.

ST. JOHN’S, August 9, 2011 – Housing starts in the St. John’s region were up during the month of July, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). July’s housing starts totaled 258 units throughout the St. John’s area compared to 176 units in July of 2010. There were 24 additional starts recorded in urban centres outside the St. John’s region, for a total of 282 provincial urban housing starts.

“A sizeable increase in multiple housing starts activity contributed to the overall gains in new home construction throughout the St. John’s area in July,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Single-detached starts were up 12 per cent in July to 154 units. Despite the monthly gains, the trend towards lower levels of single housing starts in 2011 remains, with this segment of the market down 15 per cent compared to a year ago,” added Janes.

In urban centres across Canada, total housing starts recorded in July were up three per cent to 16,486 units compared to 15,947 a year ago. Single-detached starts declined 11 per cent to 6,396 units, while multiple starts increased 15 per cent to 10,090 units in July. In the Atlantic region, 1,318 new homes were started compared to 1,348 units during July 2010.

CMHC released the June Housing Starts for the St. John’s Area yesterday.  Here is a clip of the article.

“Housing starts in the St. John’s region were up during the month of June, according to  preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). June’s housing starts totaled 278 units throughout the St. John’s area compared to 232 units in June of 2010. There were 56 additional starts recorded in urban centres outside the St. John’s area, for a total of 334 provincial urban housing starts. Year-to-date, urban starts are down 3 per cent, with 935 posted provincewide.
“Higher levels of multiple housing starts supported the overall gains in new home construction activity in the St. John’s area in June,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Single-detached starts were relatively stable in June at 193 units. The trend towards lower levels of single housing starts remains, with this segment down 20 per cent compared to this time last year,” added Janes.
In urban centres across Canada, total housing starts recorded in June were up four per cent to 15,982 units compared to 15,346 a year ago. Single-detached starts declined seven per cent to 7,287 units, while multiple starts increased 16 per cent to 8,695 units in June. In the Atlantic region, 1,051 new homes were started compared to 1,012 units during June 2010.”

A copy of the PDF file can be found here.

Housing starts in the St. John’s real estate market were flat during the month of May, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). May’s housing starts totaled 223 units throughout the St. John’s area compared to 215 units in May of 2010. There were ten additional starts recorded in urban centres outside the St. John’s area, for a total of 233 provincial urban housing starts. Year-to-date, urban starts are down 17 per cent, with 561 posted province-wide.
“Single-detached construction activity declined considerably in May, but was offset by a significant increase in multiple housing starts in the form of condos in St. John’s,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “The trend towards lower levels of construction activity continued, with the single-detached segment down 27 per cent compared to this time last year,” added Janes.
In urban centres across Canada, total housing starts recorded in May were down seven per cent to 15,025 units compared to 16,178 a year ago. Single-detached starts declined 23 per cent to 6,005 units, while multiple starts increased seven per cent to 9,020 units in May. In the Atlantic region, 848 new homes were started compared to 1,137 during May 2010.

A complete copy of the PDF report can be found here

ST. JOHN’S, May 9, 2011 – Housing starts in the St. John’s region declined during the month of April, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). April’s housing starts totaled 71 units throughout the St. John’s area compared to 129 units in April  of 2010. There were five additional starts recorded in urban centres outside the St. John’s area, for a total of 76 urban housing starts across the province.

“New home construction activity slowed in April, with significant declines recorded in both single and multiple starts,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While housing starts are forecast to end the year down from 2010 levels, the trend to lower levels of activity is expected to moderate in the coming months,” added Janes.

In urban centres across Canada, total housing starts recorded in April were down 15 per cent to 13,528 units compared to last year’s total of 15,897. Single-detached starts declined 27 per cent to 5,382 units, while multiple starts decreased four per cent to 8,146 units in April. In the Atlantic region, 551 new units were started compared to 640 units during April 2010.

The complete CHMC Report can be found here.

ST. JOHN’S, March 8, 2011 – Housing starts in the St. John’s real estate region decreased during the month of February, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC).

February’s housing starts totaled 52 units throughout the St. John’s area compared to 67 units in February of 2010. There were no additional starts recorded in urban centres outside the St. John’s area.
“New home construction activity took a breather during February, with starts down 22 per cent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is retreating from recent highs, growth in employment, income and population is expected to support the local housing market again this year,” added Janes.

In urban centres across Canada, total housing starts recorded in February were down seven per cent to 9,900 units compared to last year’s total of 10,637. Single-detached starts declined 27 per cent to 3,300 units, while multiple starts increased eight per cent to 6,600 units in February. In the Atlantic region, 269 new units were started compared to 453 units during February 2010.

The full CMHC press release can be found here

CMHC’s Housing Now publications was just released for Newfoundland and Labrador outlining January’s housing starts for the St. John’s real estate market.  Below is the outline of the press release.  For the full PDF file click here.

ST. JOHN’S, February 8, 2011 – Housing starts in the St. John’s region were flat during the month of January, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC).  January’s housing starts totaled 105 units throughout the St. John’s area compared to 104 units in January of 2010.  There were four additional starts  recorded outside the St. John’s area, for a total of 109 provincial urban housing starts compared to 113 last January.

“An 18 per cent increase in single-detached housing construction was offset by lower multiple unit starts activity  during January,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is expected to come off record highs, continued growth in employment, income and population will remain supportive of the local housing market this year,” added Janes.

In urban centres across Canada, total housing starts recorded in January were down six per cent to 9,773 units compared to last year’s total of 10,438. Single-detached starts declined 28 per cent to 3,463 units, while multiple starts increased 13 per cent to 6,310 units in January. In the Atlantic region, 480 new units were started in January compared to 441 units during the same period in 2010.

CMHC just released their First Quarter 2011 edition of  Housing Now – Major Centres – St. John’s.  You can view the entire PDF release here http://www.cmhc-schl.gc.ca/odpub/esub/64199/64199_2011_Q01.pdf

Here are some of the highlights:

- High prices and an increasing inventory of unsold new and existing homes saw  housing market activity continue to slow during the fourth quarter of 2010

- During the October to December period, both new home construction and resale market activity registered declines.

- Average prices,  however, advanced compared to 2009, but remained relatively unchanged on a  month-over-month basis

- Residential construction activity declined moderately

- Total housing starts were down approximately six per cent, with 488 starts versus 520 in 2009’s fourth quarter

- The overall average new house price for the St. John’s CMA was $326,954

- 50 per cent of all new single-detached homes sold for more than $300,000 during the quarter

- decline in sales and increased inventory, positioned the market as buyers again during the fourth quarter

- buyers had a much broader choice of homes because available inventory  increased approximately 40 per cent in the quarter, including a 56 per cent surge in December

- Listings remained on the market for an average of 65 days

- Despite higher inventory, offers came in at approximately 96 per cent of asking
price

- The average MLS® residential price in Newfoundland was $238,696 during the October to December period – an increase of 12 per cent.

This news was just released from Canadian Mortgage and Housing Corporation.

ST. JOHN’S, January 11, 2011 – Housing starts in the St. John’s region were lower during the month of December, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). December’s housing starts totaled 172 throughout the St. John’s area versus 201 starts in December of 2009. There were 27 additional starts recorded outside the St. John’s area, for a total of 199 provincial urban housing starts compared to 223 last December. For 2010, total starts were above 2009 levels, with 1,816 recorded throughout the St. John’s region versus 1,703 in 2009.

In urban centres across Canada, total housing starts recorded in December were down two per cent to 12,040 units compared to 2009’s total of 12,268.  Single-detached starts declined 20 per cent to 4,981 units, while  multiple starts increased 17 per cent to 7,059 units in 2010. In the Atlantic region, 611 new units were started in December 2010 compared to 672 units during the same period in 2009.

With only a small rise in inventory in 2010, the growth in prices in the existing home market was higher than expected (approx 15% since 2009). For 2011, average house prices are forecast to increase across Atlantic Canada from a high of close to four per cent in Newfoundland and Labrador (NL), three per cent in Nova Scotia (NS) and close to one per cent in New Brunswick (NB). Prices in Prince Edward Island (PEI) are expected to rise less than one per cent in 2011. Existing home sales are expected to decline modestly.

Sales declines will vary across Atlantic Canada from one per cent in NS, close to four per cent in NB and NL and nearly eight per cent in PEI.

Although the economic forecast remains positive, recent concerns regarding the global outlook have tempered the possibility of stronger growth in 2011.

For Newfoundland and Labrador, energy and mining development will continue to be the main source of future growth. Several major capital projects will continue to  inject stimulus into the local economy and contribute to a positive outlook.

Growth in commodity prices has also provided a lift to mining companies in the interior of the province. Stronger income growth compared to the other three Atlantic provinces has also helped support the level of consumer spending, as well as the stronger than expected level of housing activity. The fishing industry will continue to pose a challenge for Newfoundland’s rural economies,  but population losses will moderate over the forecast period due to improving economic conditions in St. John’s.  Natural declines in offshore oil production will restrain GDP growth, although increased royalties received by the province will offset the effects of production declines on economic growth overall.

(source: CHMC)