Clovelly Trails Phase 3a lot prices are now up on the website for the public and purchasers to view. Clovelly Trails appears to be the most popular subdivision in St. John’s this year. 69 of their lots have had deposits on them for months. Some dating back to 2007.

The lot prices range from $69,900 to $94,900 (plus HST). A hefty jump since the last phase (base price was approx $54,900) but the demand is there to justify it.

Almost all subdivisions in St. John’s and Paradise have increased in prices since last year some as much as ten to fifteen percent.

Remember Fraser and Stephen Winters can represent your interests in the buying of your new construction home. We will be there from lot and house design selection, through signing the paperwork, choosing your paint colors - all the way to final walk-through and beyond.

There are ZERO costs to use our services on the buying side of purchasing your new (or pre-existing) home. There is no cost to you - no decreased incentives - no increased price - the developers actually pay us to work with you through the buying process. Contact us and we’ll show you how we can assist you in finding the new home you’re looking for in ANY subdivision.

An economic engine firing on all cylinders has driven residential real estate activity in Newfoundland and Labrador to new heights. Home sales in the first quarter of 2008 climbed just over 14 per cent, rising from 624 units—and a buyer’s market—one year ago, to 713 units, and a seller’s market. Average price followed suit, with year-to-date values rising close to 14 per cent to $156,953, up from $138,167 in 2007. The momentum is even greater in St. John’s, where average price now approaches $190,000. Not since a very short-lived period in 2004 has the city seen the level of consumer confidence that exists in the marketplace today.

Fueled by export growth—in the form of crude oil—Newfoundland-Labrador’s GDP growth led the country in 2007 at a substantial 13.4 per cent. Newfoundland- Labrador has reported the largest single-decade turnaround in GDP per capita in one decade—a first in Canadian history. Out-migration has been stemmed and population growth is expected for the first time in 15 years. Premier Danny Williams has promised that the province will be a “have” within the next 11 months.

Prosperity has fueled a spending spree that includes housing, retail, and auto sales. Inventory levels are tight and multiple offers are commonplace on homes across the board.

First-time buyers are entering the market en masse, taking advantage of zero and low down payment plans and longer amortization periods. Equity gains have also played a role, prompting serious move-up activity. Home sales priced in excess of $350,000 are brisk.

Investment is a growing segment of the real estate market, spurred by purchasers from Western Canada. Lower interest rates are expected to stimulate even greater activity in the marketplace.

There are $10 billion in capital works projects on the table and the pressure is only starting to build. Natural resources are the key to success and the future has never looked brighter for St. John’s. Real estate will following lock-step, with sales and prices exceeding 2007 levels by double-digits at year-end 2008.

Read the full Remax Atlantic Canada Martket Trends Report 2008

Alberta’s red-hot economy is fueling demand for residential real estate in Nova Scotia, PEI, New Brunswick, and Newfoundland this year, according to a report released today by RE/MAX Ontario-Atlantic Canada.

“Strong economic performance in Western Canada continues to spillover into other parts of the country,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “A serious influx of Western Canadian purchasers has bolstered housing sales in every Atlantic province. Tremendous job opportunities available in Alberta that allow commuting to and from the East Coast have served to further strengthen home-buying activity in the region. Last, but certainly not least, after living in Western Canada for many years, more and more Maritimers are returning home.”

Newfoundland-Labrador (St. John’s, Corner Brook, Grand Falls) currently leads the region overall in terms of percentage increases in both unit sales and average price, with the number of homes sold up close to 18 per cent year-to-date and average price up almost 15 per cent, compared to the same period one year ago. Two thousand and seven was the first and only year since Newfoundland joined Confederation in 1949 that the province led the country in economic performance. GDP growth soared to 13.4 per cent due to mining and oil development, according to Statistics Canada.

“Housing performance in Newfoundland has been nothing short of remarkable,” says Polzler. “There are $10 billion in capital works projects on the table and the pressure in the real estate market is only starting to build. By year-end 2008, housing sales and values are expected to climb by double-digits, leading not only the region, but the country, in terms of percentage increase.”

Finance Minister Jim Flaherty has announced changes to Canada’s anti-money laundering legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The changes will have an impact on how real estate transactions are conducted in Canada. New amendments to money laundering legislation are effective on June 23, 2008.

Basically for the general public this means you will have to provide proof of identification when you sit down to purchase a property. Not really much difference from when you open a bank account, purchase a car or purchase insurance or receive a VISA. Need a Passport? Guess what….you need to show birth certificate and another form of identification. Need a marriage license…..same thing. Real Estate was lacking behind in this area. About time the government stepped up in my opinion.

For the Realtor? We have to Identify our clients. Currently, if you have identified an individual before, you do not have to do so again if you recognize the individual. Once the changes come into effect, if you have doubts about the information collected concerning an individual’s previous identification, you will have to identify that individual again.

If the parties in the transaction are each represented by a different real estate broker or sales representative, you will have to identify the individual or confirm the existence of the entity that you represent in the transaction.

If some parties in a real estate transaction are not represented by a real estate broker or sales representative while other parties are, each real estate broker or sales representative who represents a party to the transaction will have to identify or confirm the existence of the parties that are not represented.

To learn more visit FINTRAC’s website at www.fintrac.gc.ca

MLS Residential Sales Post Solid First Quarter

• MLS® residential sales increased 14.3 per cent to 713 units compared to last year’s first quarter sales of 624 units

• January, February and March MLS® sales were 236, 238 and 239, respectively and were held back by a lack of active listings

• Driven by low inventory, the first quarter average MLS® house price jumped 13.6 per cent to a record $156,953 compared to $138,167 during the first quarter of 2007

Resale Market Classified as Sellers

• The resale market headed quickly to a sellers classification last Fall and remained there throughout the first quarter of 2008

• Average time-on-market trended lower during the quarter, strong price growth continued and many choice properties enjoyed multiple purchase offers

• Current trends indicate the market will favor sellers once again during the second quarter, but an expected improvement in active listings may provide some relief for buyers

Active Listings Remained Low

• After falling nearly a half by January, active listings rebounded slightly during February and March, but remained low, restricting unit sales growth accordingly

• The supply of active residential listings averaged approximately 1,150 during the first quarter compared to almost double that number at 2,100 a year ago

• First quarter new listings were near last year’s first quarter level of 1,600, while active listings retreated 45 per cent compared to the first quarter of 2007

Mortgage Rates to Remain Low

• With U.S. recessionary pressures continuing, the Bank of Canada is widely expected to cut rates 50 basis points by June 10th

• Accordingly, mortgage interest rates are expected to remain low in 2008 and start to creep higher in 2009 as investors gain more confidence in financial markets

• One and five-year mortgage rates are forecast to be in the 6.25-7.25 and 6.50-7.50 per cent range, respectively, in 2008 and beyond

With the home renovation season upon us, you might be thinking of hiring a contractor. There are many reputable contractors in your community ready to do the work and willing to sign a contract to make sure both parties are satisfied when the job is done, and protected if something goes wrong.

Not all contractors play by the same rules, though, and if you get stung by one of these underground contractors, you could lose everything – your peace of mind, your savings, even your home. Sound serious? It is. As the owner of the property where the work is taking place, you are legally responsible and liable for any damages or injuries that occur on your property, regardless if someone else is doing the work. If that contractor becomes injured, or causes a life-threatening hazard due to sloppy work, you can be sued. A professional contractor is covered by his own liability insurance.
Without a paper trail - no contract, no warranty, no estimate or invoice - there is absolutely no record that the work was done, who did the work, or that they were even paid.

The contractor you hire should have the technical, business and interpersonal skills, the tools and the experience needed to do the job you want done. Hire a contractor who has experience with projects similar to yours. This contractor will know what materials and techniques are needed for your work; and even better, about problems with similar work — and how to solve them.

You want to find out as much as you can, so ask a lot of questions, such as:

• How long have you been in business?
• What work are you, or your subcontractors, licensed to do, e.g., electrical, plumbing?
• What kind of work do you specialize in?
• Have you done a similar job before?
• Will you use your own crew for the work or will you subcontract all or part of the job?
• How would you handle a specific problem related to this project (e.g., installing kitchen cabinets on your sloping floor)?
• How will you deal with the health and energy efficiency aspects of the job?
• How and when do you clean up, particularly fine dust?
• What work schedule will you follow?
• What kind of warranty do you offer and what does it cover?
• Do you carry workers’ compensation and liability insurance?
• Will you provide a written contract?
• Will you take out all required permits (e.g., building, plumbing, electrical)?

Regardless of your approach to hiring a contractor, the most important fact to remember is…..do as Mike Holmes does “GET IT IN WRITING”

(NC)—The cost of moving into a new home can be quite steep. New homeowners are often focused on buying new home furnishings, appliances and accessories. But one other important thing to consider is how your home can help you save money in the long run.
Insulating your basement is one way to help put money back into your pocket. An insulated basement can help reduce energy costs and increase your living space, as well as help increase the resale value of your home.
A substantial amount of heat can be lost through uninsulated basement walls. Installing full-height R-20 PINK Fiberglas batts is a simple solution to achieve energy savings in your basement. Using PINK Fiberglas batt insulation will form a solid thermal barrier between studs and conserve energy to help reduce heating and air conditioning costs. Lastly, don’t forget to install a continuous vapour retarder on the warm side of the wall surface and drywall.
Here are a few other helpful tips that can help reduce your energy costs:

• Help prevent cold air escaping from your home by checking for drafts. You can reduce drafts by caulking, sealing and weather-stripping around windows and door frames.

• Replace old windows and doors to help reduce the transfer of air into the home and help decrease energy costs for homeowners.
• Consider installing energy efficient appliances.

To find out how much insulation you’ll need for your basement renovation and how you can help reduce energy costs in your home visit, www.owenscorning.ca.

To achieve the best insulating system in your basement you will need:

• R-14 PINK Fiberglas batts between wall studs

• 2″ CodeBord rigid foam insulation to apply on the exterior of wood stud walls
Combined, this insulating system will provide you with the best performance solution achieving a total R-value of 24 to increase your insulating power.