Stephen & Fraser Winters your RE/MAX real estate agents for St. John's. Buying, selling or relocating to St. John's Newfoundland? Put the successful Father and Son Realtor team to work for you. Fraser and Stephen will show you the smart approach to buying and selling St. John's Real Estate.
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STEPHEN 709.682.9045
FRASER 709.682.9245
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St. John's Newfoundland is one of North America’s oldest cities. Spectacular coastlines, panoramic views, outdoor adventure, rich history and culture await all who live here.
Looking to buy a home in St. John’s? Relocating from another city to St. John's? Fraser and Stephen Winters are here to help you! Whether you are buying or selling, take advantage of our free St. John's real estate market reports and access to the St. John's area MLS.
Since Chevron signed the multibillion-dollar memorandum of understanding to develop the Hebron offshore oilfield project back in August 2007, St. John's real estate and surrounding areas have gained favorable optimism and increases in residential homes. Looking to sell you home for TOP DOLLAR? Contact Fraser and Stephen Winters for your free, confidential Home Market Evaluation
This real estate blog is written by Fraser & Stephen Winters. We both are full time successful top producing RE/MAX Realtors in St. John's, Newfoundland. The information contained on this website is from sources believed to be reliable. However, it may be incorrect. This information should not be relied upon without personal verification. We assume no responsibility for its accuracy. This information is not intended to solicit clients already under contract. For more information about us visit our website.
Looking for neighborhoods or school information for a particular street in St. John's or Mount Pearl? We can help you find the right neighborhood by browsing information on schools and property values and much more.
Protect, Maintain and Enhance the value of your home with HouseLogic
Interested in ways to seal air leaks around the house to lower your heating bill? How about saving energy with home lighting? Planning on redoing the kitchen or bathroom? Enter HouseLogic, a comprehensive website aimed to assist you in 100′s of home remodeling, energy saving tips. Best of all….it’s FREE!
Earlier this week, the National Association of REALTORS (American version of CREA) launched a new website, entitled HouseLogic. This web site is designed to help home owners make smart decisions to maintain, protect, and increase the value of their homes. HouseLogic will help consumers take responsible actions pertaining to what is likely the largest investment of their lives.
With content covering home improvement, maintenance, taxes, finance, insurance, and even ways you can get involved in and enrich your community, HouseLogic can help you increase and protect the value of your home by helping you make confident decisions. (remember this is an American site so the taxes and finances, insurance may not be applicable here in Canada)
Create to-do lists, and set project reminders, get costs estimates on various renos and home improvements (in USD). A very informative website that has it all. Be sure to check it out.
Kirkland Balsom St. John’s Real Estate Market Overview 2010
Kirkland Balsom and Associates have just released their Real Estate Market Overview 2010 for St. John’s. I’ve shared this report the past 2 years and once again this year they are “spot on” with their assessments.
Here is an outline of their report:
RESIDENTIAL MARKET
Strong demand with less supply results in higher prices
The residential market just keeps on rolling! Demand remains strong and supply remains tight for well located and appropriately priced homes. The underlining drivers for this strong demand appears to be the fear of having to pay more in the future, easy access to favourable financing and strong employment throughout the region. A substantial increase in land values over the past year spurred new home construction cost and more than offset a slight softening in the sub-trades. Anticipated higher borrowing cost in late 2010 may serve to increase demand in the first half of 2010; however, could weaken demand in the second half. Pending an unforeseen increase in listing inventory, further price increases is
anticipated.
MULTI-RESIDENTIAL/CONDOMINIUM SECTOR
Effective full occupancy
With the apartment complexes at effective full occupancy and no new inventory on the horizon, rental rates should continue to increase. Not surprisingly in light of these trends, investor interest remains strong. A number of older apartment buildings in the university area have been purchased, renovated and converted to condominium units. Market activity also remains strong in the small scale 2-6 unit projects as entry level investors compete for limited supply.
Prices/demand continues to strengthen in condominiums at all price points. Escalating construction costs and an aging population will stimulate condo demand and values in the coming year.
Interesting Real Estate links throughout Canada
- The First Quarter 2010 edition of CMHC’s Housing Now – Major Centres – St. John’s is now available and can be accessed by clicking here
- Ottawa to make changes to mortgage rules that would require banks to consider whether a person who takes out a variable-rate mortgage on a home can continue to make the payments if were to go up significantly
- The much heated topic of the week (from a REALTOR’s point of view) is the Competition Bureau’s attack on the Canadian Real Estate Association (CREA) and its Multiple Listing Service (MLS). Check out this Globe and Mail article by Stephen Ladurantaye – What’s a stake in Competition Bureau’s MLS fight.
- TheScope.ca writes about the proposed new 15-storey Fortis building will look like in downtown St. John’s. Complete with actual photo’s of the building courtesy of Fortis.
- How will the 2010 Winter Olympic’s effect the Vancouver Real Estate Market? A very interesting read.
- Is a Real Estate Bubble forming in Canada? Check out BNN’s Squeezeplay as they interview Don Campbell and discuss.
Commerical Property For Sale in Downtown St. John’s
Just listed on 2 Bates Hill a great commercial building opportunity in a prime downtown location. Currently operated as the Granny Bates book store, this 3 storey heritage building is in close proximity to all your needs in the St. John’s downtown area. Approximately 600 sqft per floor the building offers multiple uses from retail store, law firm, office spaces and can even be converted back into a residential home. Great potential to work from the main floor and live on the upper floors. Asking price is $234,900 Call Fraser or Stephen Winters for more information or to setup a private viewing.
Newfoundland Real Estate Stats for April
Active MLS Listings have increased this month compared to March NLAR stats, while home sales have remained fairly constant. The biggest increase in stats was Expired Listings. Up a whopping 39% since last year. What does this mean to the St. John’s Real Estate Market? Houses are staying on the market longer. Potential for price reductions. It appears to be slipping into a buyers market now. However, there are still houses selling the same day and some still seeing multiple offers.
The average price for a home in St. John’s edged slightly higher again for another month (currently at $206,938 for a 12 month period).
Mortgage rates are still at all time lows. The Bank of Canada’s Prime lending rate is at 2.25% and supposed to hold steady here til 2010. Great for varible rate mortgages but it might be the time to look into a fixed term as the rates can only go up from here.
Total # of MLS Listings [Apr] = 975
Total # of Sales [Apr] = 288
Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2953
Here is a break down by area for the month of April
St. John’s Real Estate: Listings = 181 Sales = 66 Sales/Listings Ratio = 36%
Average Sale Price: $214,590 for the month of April
Mount Pearl Real Estate: Listings = 24 Sales = 10 Sales/Listings Ratio = 42%
Average Sale Price: $198,655
Paradise Real Estate: Listings =65 Sales = 22 Sales/Listings Ratio =34%
Average Sale Price: $239,039
East Extern Real Estate: Listings = 45 Sales = 18 Sales/Listings Ratio = 40%
Average Sale Price: $231,872
Conception Bay South Real Estate: Listings = 56 Sales = 15 Sales/Listings Ratio = 27%
Average Sale Price: $202,399
Average Housing Price Lower across Canada
Average price of a home in Canada fell by 6.2 per cent since last year to an average of $315,461. It was the fourth straight month in which prices fell on a year-over-year basis.
It appears that there are still pockets of real estate markets across Canada that are still booming. However price declines in some of Canada’s more expensive housing markets will far outweigh further price gains in other markets (ie St. John’s Real Estate market)
Calvin Lindberg, CREA president says “Informed buyers and informed sellers look at the facts. And the facts right now indicate the real estate resale market is stabilizing in many markets.”
“There have also been a number of initiatives that will have an impact going forward, including the government’s decision to invest $25 billion in insured mortgage pools, the recent drop in the Bank of Canada rate, and the new rules reducing the maximum amortization to 35 years instead of 40,” the CREA President adds. Those new mortgage rules go into effect October 15th. “The third quarter MLS® statistics and these developments are more factors showing the Canadian market is not following U.S. housing trends.”
New MLS residential listing levels reach new heights in July
The number of new listings of homes for sale on the Multiple Listing Service® (MLS®) of all real estate Boards in Canada set a new record in July 2008, according to MLS® statistics released by The Canadian Real Estate Association (CREA).
New MLS® residential listings numbered 80,147 units in July 2008, up 1.4 per cent from the previous month and 0.5 per cent above the previous record set in May 2008. This is the first time in any month that new listings surpassed eighty thousand units.
The number of new listings scaled to new heights in Ontario and Quebec, and in Manitoba climbed to their second-highest level since the beginning of the new millennium. This more than offset a monthly decline in the number of new listings in Alberta, where levels continue retreating from the peak reached in March.
Seasonally adjusted national sales activity in July 2008 was stable compared to the previous month. It has been holding steady since posting a 6.0 per cent month-over-month decline in February. Monthly activity rose in Alberta, Nova Scotia and Prince Edward Island for the second time in as many months. Activity also rose on a month-over-month basis in Newfoundland & Labrador. The monthly increase in activity in these provinces was offset by a monthly decline in activity in British Columbia, Ontario, and Quebec.
Sales activity set a new monthly record in Manitoba, and in Newfoundland & Labrador. It also climbed to its highest point on record for the year-to-date in these provinces.
“To keep things in perspective, 2007 was a record year for MLS® sales in Canada,” says the President of The Canadian Real Estate Association, Calvin Lindberg. “The fact that sales volume continue at levels so close to that record year indicates what a dynamic and active real estate market there is in many regions of the country.”
“The other factor is that the more listings there are on the market, the bigger the impact on the average price,” the CREA President adds. “It means a market when buyers have more options, and sellers must be realistic in their pricing expectations. A REALTOR® has expertise and marketing resources to help both.”
Resale housing market balance is represented by sales as a percentage of new listings. The continuing rise in the number of new listings is resulting in a considerably more balanced resale housing market this year than buyers faced last year. This trend is most apparent in British Columbia and Saskatchewan, which remained the most balanced provincial markets in July. The market is showing signs of stabilizing in Alberta, where new listings have declined and market balance has tightened in each of the months from April to July 2008.
“The trend for new listings generally reflects recent price trends,” said CREA Chief Economist Gregory Klump. “While still elevated, new listings in Alberta are easing and market balance is stabilizing now that prices there have softened. Similar trends are expected to play out in other western provinces where prices posted sharp gains last year,” he said.
The national MLS® residential average price eased by 2.4 per cent year-over-year in July 2008, compared to the average price decline of 3.6 per cent in the major markets in Canada reported by CREA earlier this month. The MLS® price decline reflects softening average prices in Alberta and an increase in the province’s share of national sales activity compared to year-ago levels. By contrast, residential average price climbed to its highest level for the month of July in all other provinces except British Columbia, and its highest level ever in Newfoundland & Labrador. Average price for the year to date (as of July 2008) is 2.7 percent above where it stood over the same period last year.
Seasonally adjusted dollar volume for MLS® sales totaled $11.8 billion in July 2008, climbing to the highest level ever in Manitoba and Nova Scotia. It also reached the highest level on record for the month of July in Quebec, New Brunswick, and Newfoundland & Labrador. Volume for the year to date in July also achieved the second highest level on record, down 16.6 per cent from the peak last year.
(CREA 29/08/08)
Recommended Real Estate Links
- Fraser and Stephen Winters
- Remax St.John's
- Terry Kelly
- St. John's MLS Listings
- Carter Home Designs
- St. John's Newspaper
- VOCM Local News
- CBC Newfoundland
- Eastern School District
- St. John's Weather
- St. John's Board of Trade
Real Estate Sites
- Search MLS.ca
- St. John's Listings
- Globe & Mail Real Estate
- Real Estate Blogs Directory
- Canadian real estate
- Home Builders Association
- Atlantic Home Warranty
- Homeplus Online
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- St. John’s Newfoundland MLS Stats for November 2011
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- Contact form 1
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