June Housing Starts in the St. John’s Area

July 11, 2012 · Filed Under CMHC Reports, New Home Construction · Comments Off 

Released yesterday from CMHC –  Housing starts in the St. John’s region decreased during the month of June, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). June’s housing starts totalled 237 units throughout the St. John’s area compared to 278 units in June 2011. Year-to-date starts are up 15 per cent to 931 units.
Single-detached and multiple unit construction activity both declined throughout the St. John’s area in June. There were 64 multiple units recorded versus 85 a year ago, while single-detached starts decreased ten per cent to 173 units compared to 193 last June. “Despite slower new home construction activity in June, solid economic and demographic fundamentals continue to support the local housing market,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.
In urban centres across Canada, total housing starts recorded in June were up 12 per cent to 18,144 units compared to 16,244 a year ago. Single-detached starts decreased five per cent to 6,923 units, while multiple starts increased 25 per cent to 11,221 units in June. In the Atlantic region, 1,121 new homes were started compared to 1,055 during June 2011.

St. John’s Real Estate Market update via CMHC

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

Throughout the entire St. John’s real estate market, approximately 70 per cent of all new single-detached homes sold for more than $300,000 in the first quarter. The fastest growing segment of the market was in the $400,000 plus segment, which increased to 27 per cent of total new home sales from 20 per cent share a year ago.

Continued employment growth and a low interest rate environment in the quarter contributed to a marginal improvement in housing activity during the first quarter of 2012. New home construction and MLS® residential sales activity both increased compared to the first quarter of 2011. In terms of average house prices, growth continued in both the new and existing home markets. Overall, a strong local economy continued to support the St. John’s area housing market during the first three months of 2012.

Increased New Home Construction Activity

New home construction activity increased over last year throughout the St. John’s area during the first quarter and average prices advanced. Total housing starts were 287 versus 241 in 2011’s first quarter. There were only 142 single-detached starts, however, compared to 173 last year. This decline was offset by a sizeable increase in multiple starts, with 145 recorded during the first quarter compared to 68 a year ago. The multiple starts segment was led by 71 apartment condo starts and 64 apartment (basement) starts.  St. John’s real estate market had 164 starts versus 91 in 2011’s first quarter. Starts in Paradise increased 40 per cent, with 67 units versus 48 a year ago. Mount Pearl had ten housing starts compared to 20 during 2011’s first quarter; Conception Bay South (CBS) recorded 29 starts compared to 43 a year ago, for a decrease of 33 per cent; while housing starts in Torbay were down 77 per cent with three recorded compared to 13 during 2011’s first quarter.

The overall average new house price for the St. John’s real estate market was $354,438, an increase of 3.6 per cent compared to $342,113 recorded during the first quarter of 2011. Led by larger custom built homes, the average sale price was highest in Torbay at $425,751, up nine per cent. CBS posted an average new house price of $321,391 during the quarter, up 13 per cent; Paradise saw seven per cent decline to $338,745; Mount Pearl increased 13 per cent, with an average price of $304,574; St. John’s City posted an eight per cent increase to $374,473; while the remainder of the CMA decreased 1.6 per cent to $347,836.

MLS® Residential Market

There was a broader range of homes to choose from, with inventory up seven per cent in the first three months of the year. Listings remained on the market for an average of 73 days and average prices continued to show gains, with offers at approximately 98 per cent of asking price. For the St. John’s area, there were 1,664 new residential listings compared to 1,518 during the same period last year. Active listings averaged 1,622 this year versus 1,516 during the first quarter of 2011. The sales-to-active listings ratio indicated that 13 per cent of listings sold during the quarter compared to a similar
13.4 per cent during the same time last year.

MLS® Sales and Prices Increased

There was growth in both MLS® residential sales and prices during the first quarter. The number of MLS® sales increased 3.4 cent to 635 sales compared to 2011’s first quarter total of 614 units. The average MLS® residential price in the St. John’s CMA was 7.4 per cent higher than it was a year ago, at a record $277,698 compared to $258,668 during the first quarter of 2011. The average price continued to be supported by demand driven by local economic and demographic conditions.

MLS Trends for Eastern Newfoundland (First Quarter 2012)

April 12, 2012 · Filed Under CMHC Reports · Comments Off 

 First Quarter MLS® Sales Up Slightly

  • MLS® residential sales increased 3.4% to 635 compared to 2011’s first quarter sales of 614
  • January, February and March MLS® sales were 197, 207 and 231, respectively
  • First quarter average MLS® house price climbed 7.4% to $277,698 compared to $258,668 during the first quarter of 2011

Buyers’ Market Conditions

  • There were 1,664 new residential listings during the first quarter compared to 1,518 during the same period in 2011, an increase of 9.6%
  • Monthly active listings, or inventory, averaged 1,622 versus 1,516 during 2011’s first quarter
  • The sales-to-active listings ratio indicated buyers’ market conditions with 12.5% of listings selling in January and February; 14.2% in March and averaged 13% during the quarter versus a slightly better  13.4% in the first quarter of 2011

 Active Listings Higher

  • Active residential listings, or inventory, increased 7% during the first quarter compared to a much higher 38% increase a year ago
  • Active listings for January, February and March were 1,579, 1,656 and 1,631, respectively
  • The higher rise in inventory relative to the 3.4% sales increase, resulted in buyers’ market conditions during the entire first quarter

March Housing Starts in the St. John’s Real Estate Area

April 11, 2012 · Filed Under CMHC Reports · Comments Off 

According to CMHC, housing starts in the St. John’s region decreased during the month of March, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). March’s housing starts totalled 57 units throughout the St. John’s area compared to 84 units in March 2011. For the first quarter of 2012, starts were up 19 per cent to 287 units.

Single-detached and multiple unit construction activity were mixed throughout the St. John’s area in March. Multiple starts caused the overall decline, with 16 units recorded versus 42 a year ago, while single-detached starts were flat with 41 units recorded. “While multiple starts declined, solid economic and demographic fundamentals continued to support the local housing market during March,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

In urban centres across Canada, total housing starts recorded in March were up 18 per cent to 13,761 units compared to 11,655 a year ago. Single-detached starts increased 11 per cent to 4,030 units, while multiple starts increased 21 per cent to 9,731 units in March. In the Atlantic region, 333 new units were started compared to 271 during March 2011.

The full press release can be found here.

January Housing Starts for the St. John’s Area

March 5, 2012 · Filed Under CMHC Reports · Comments Off 

Just released from CMHC the January Housing Starts for the St. John’s Area.

Click here for the full PDF report

Housing starts in the St. John’s region increased during the month of January, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). January’s housing starts totaled 179 units throughout the St. John’s area compared to 105 units in January 2011. There were 12 additional starts in urban centres outside the St. John’s region, for a total of 191 provincial urban housing starts.

Single-detached and multiple unit construction activity were mixed throughout the St. John’s real estate area in January. Multiple starts led the increase, with 121 units recorded versus eight a year ago, while single-detached starts decreased 40 per cent to 58 units. “Lower single-detached construction activity in January was offset by significantly higher multiple starts, due to the recording of two condo apartment developments in the city,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

In urban centres across Canada, total housing starts recorded in January were up 24 per cent to 12,220 units compared to 9,823 a year ago. Single-detached starts increased one per cent to 3,596 units, while multiple starts increased 37 per cent to 8,624 units in January. In the Atlantic region, 440 new units were started compared to 500 during January 2011.

St. John’s Real Estate Market Improved During Fourth Quarter 2011

February 20, 2012 · Filed Under CMHC Reports · Comments Off 

CMHC released their MLS TRENDS for Eastern Newfoundland Labrador.  Below is the quick outline of the report.

  • There were 1,288 new residential listings during the fourth quarter compared to 1,215 during the  same period in 2010
  • Active listings or inventory averaged 1,656 a month from October to December versus 1,597 a month during Q4 of 2010
  • The sales-to-active listings ratio indicated market conditions were improving when 20% of listings sold in October, 21% in November and 23% in December, and averaged 21.5% during the quarter versus a much lower 18% in the fourth quarter of 2010.
  • Active residential listings or inventory increased 3.7% during the fourth quarter
  • Active listings for October, November and December were 1,861, 1,770 and 1,337, respectively
  • The small rise in inventory, combined with the large sales increase, resulted in market conditions moving towards a more balanced market towards the end of the fourth quarter
  • MLS® sales jumped 26% to 1,058 compared to 2010’s fourth quarter sales of 839
  • October, November and December MLS® sales were 375, 374 and 309, respectively
  • Fourth quarter average MLS® residential house price climbed 7% to $275,488 compared to $257,481 during the fourth quarter of 2010 and averaged $268,608 during 2011.

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