There’s hot demand for people wanting to buy homes in the St. John’s, Mount Pearl region, and a lot of the interest is coming from outside the province. There is very little listing inventory (inventory in the region is down 50 per cent) A lot of the buyers are from outside the province, especially the province of Alberta. They see this region as a great place to invest as it has a healthy, prosperous economy. Statistics are showing that it will remain a seller’s market for a long time yet. Royal Bank of Canada reports show that housing prices in St. John’s are up 15 per cent.
The outlook for Newfoundland Real Estate for 2008 will be positively supported by a strong provincial economy, with the average MLS® price forecast to increase 6.4% to $157,500. REMAX is suggesting a 12% increase which would put the average price around the $170,000 mark. The expected increase in single detached and two apartment homes can be seen already, and it’s very early in the new year.
Currently we are experiencing low housing inventory and a high number of buyers. Now is the right time to sell your house for maximum value.
2002 – $113,081 2003 – $119,822 2004 – $131,499
2005 – $141,167 2006 – $139,542 2007 – $148,000
And forcasted for 2008 – $157,500
December is upon us, and although winter is not officially here yet, we had a nice taste of it the past few days. Typically a slower real estate month, with Christmas on the horizon, this December the St. John’s real estate market is booming. 2-apartment homes are in high demand once again and the market is certainly looking prosperous for 2008. Current mortgage rates are still at comfortable levels. The average price for a home in St. John’s for November was $167,955 with a 2007 average of $168,528 up from $156,022. (Average price for all areas in the Newfoundland and Labrador Real Estate Board is $148,150 year to date)
Remember, we’re never to busy for your referrals!