Newfoundland & Labrador – One billion barrels and counting says Royal Bank’s Provincal Outlook

March 12, 2009 · Filed Under Newfoundland Oil and Gas, St. John's General and St. John's Real Estate · 1 Comment 

Here is a snippet straight from Royal Bank’s March Provincial Outlook outlining where Newfoundland & Labrador stand during this harsh global economic times.

“The Newfoundland & Labrador offshore oil industry celebrated a milestone in January with the production of its one billionth barrel of oil. This was yet another reminder of the long road traveled by energy developments off the province’s coast and their tremendous contribution to the transformation of Newfoundland & Labrador into a dynamic economy. Nonetheless, the nosedive in energy prices since last summer and declining production at the province’s maturing production wells have cut any festivities short. The real cheers might have to wait until late this year or early next when the White Rose project expansion enters into operation, giving the industry — and the provincial economy — a shot in the arm. In the meantime, decreasing oil output and lower-than expected crude prices will be a substantial drag on economic activity in the  province, and the main reason for our projected decline in real GDP in 2009 (down 1.2% following estimated growth of 1.3% last year). Further contributing  to the weakness will be an expected drop in mineral production (partly the result  of market-related downtime), as well as the recent closure of the Abitibi Bowater  newsprint mill in Grand Falls.

Despite the challenges, the mood in the province remains relatively upbeat.  Huge investment projects — including the C$2-billion hydromet nickel processing  facility in Long Harbour — are still going ahead and the provincial government recently announced a significant increase  in spending on infrastructures.

According to Statistics Canada’s P&PI survey, non-residential capital expenditures in Newfoundland & Labrador are set to increase the fastest among all provinces in 2009 (up by almost 13%). Residents who had departed the province earlier are flocking back . This stimulates demand for housing and consumer goods and services. Housing markets have been very tight until recently, and prices continue to show among the strongest year-over-year increases in the country. Home building is expected to remain relatively steady this year, with housing starts forecast to move a touch above last year’s 19-year high of 3,200 units. Such relatively robust domestic activity is expected to persist next year and be the dominant factor returning the provincial economy back into positive growth once oil production is stabilized by White Rose’s expansion.”


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Consumer Confidence high in Newfoundland

January 23, 2009 · Filed Under Local St. John's, St. John's General and St. John's Real Estate · Comment 

VOCM.COM reports that Newfoundland is leading the way in consumer confidence.

This province has been bucking the trend in consumer confidence. In fact, a researcher says consumer confidence in Newfoundland and Labrador is possibly the highest in the western world. Corporate Research Associates CEO Don Mills says it will take a lot to shake that.  Mills says this province leads the country in consumer confidence and continues to enjoy a high level of satisfaction with government. He says we’re in a unique situation, as the rest of the country deals with layoffs and downsizing.  He says if there are a lot of people coming back from Alberta, it could make a difference. Mills says CRA will be going back into the field for research next month. Finance Minister Jerome Kennedy says the continued confidence will help the province pull through.

Read full news article here

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New Subdivision in Pleasantville

November 19, 2008 · Filed Under Local St. John's, St. John's General and St. John's Real Estate · 7 Comments 

An interesting article on the CBC website today titled: Community within a community: Housing plan pitched for Pleasantville discussing a proposal for a new subdivision with a mix of condo’s and houses.  Even more interesting are the comments left by residents of St. John’s.  Most seem dead-set against the idea.  Here’s the article below.  What are your thoughts?

A Crown corporation hopes to see a mix of houses, condos and apartments built on the site of a former U.S. military base in St. John’s, on one of the prime undeveloped areas of the city.

Canada Lands Corp. is showcasing its plans for redeveloping Pleasantville and on Wednesday night will make a formal presentation on how it hopes the site — north of Quidi Vidi Lake, and within walking distance of downtown St. John’s — can be transformed.

Project manager John Dalton said the idea behind the mixed development is to create a community within a community.

“If you get that mix, you get what you call aging in place, where someone can move in as a young couple. If they need a bigger place, they could buy a home [and] they could have children,” Dalton said.

“Then, as they become empty-nesters, they could potentially move to an apartment or a condominium, and finally, at that stage of life which we’re all heading, as you’re getting to be … needing some assistance, we’re even providing an opportunity of assisted living.”

The U.S. military developed much of the land as Fort Pepperrell, which was built during the Second World War.

Years later, the site was turned over to the Canadian government, which used part of it as Canadian Forces Station St. John’s and other parts as offices for government departments. The former Janeway children’s hospital was built there in the 1960s, but was demolished earlier this year.

Canada Lands Corp.’s plan of divesting the lands, now considered surplus, will see about 960 residential units built, including single-family and multi-unit homes and hundreds of condominiums. The plan also includes two 10-storey towers that would be built along Logy Bay Road.

Housing advocates and social agencies have long called for a greater mix of housing in the central part of St. John’s, particularly for affordable housing for low- and middle-income earners.

The plan will come under a lot of scrutiny from residents of neighbouring streets, including Alister Eaton, who lives on Ross Road.

“That’s probably the best site left in metropolitan St. John’s. I mean, I grew up here,” said Eaton, adding that the Pleasantville site has had historic attachments, including a training site for the Royal Newfoundland Regiment in 1914.

“It’s always been a sort of historic place and I think done properly it will be great.”

The plan incorporates a $101-million upgrade planned for Canadian Forces Station St. John’s, which is relocating to one corner of the land it currently occupies.

Canada Lands Corp. will make a formal presentation to area residents on Wednesday at 7 p.m. at the Royal Canadian Legion on The Boulevard.

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Basement renovations Tips

September 12, 2008 · Filed Under Energuide Info, Home Maintenance and St. John's General · Comment 

Although it’s the middle of September and the temperature is quite comfortable, winter will soon be here.  Fall is normally the time of year to start inside home renovations, particularly basement renovations. By making a few changes, you can create a cozy space to spend time with guests during the holidays. By adding insulation to your exterior walls, installing a sub floor, you’ll notice some big changes in both your heat bills and the condition of your property.  I personally insulated my basement last year before the winter arrived and notice a huge change.

These tips are curiosity of the Home Depot.

• Turn up the heat

Basements are the coldest areas in the home, yet with the potential of becoming the most inviting.  A fireplace will instantly add warmth to this cool area, providing direct heat into the room. There are several different styles available ranging in price range and total square footage it covers.

• If these walls could talk

New paint on walls is like an instant facelift for your basement. Painting is an effective and quick way to change the look and feel of the room – making it a more inviting place to spend time. There are also several different styles of wallpaper available at The Home Depot that will help give your basement a fresh and updated look.

• Walk this way

Keep your toes warm and toasty by installing subflooring on top of the cold basement floor. Once installed, cover it with carpet, wood, laminate or tile – whatever suits your style.

• Let there be light

Many basements have little or no available natural light, which can make the room gloomy.  Consider installing pot lights or track lighting across the ceiling.  These types of light fixtures will instantly brighten the room by giving it a warm glow.

Credit: www.newscanada.com

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Team Remax CIBC Run for the Cure

September 8, 2008 · Filed Under Remax Newfoundland and St. John's General · 1 Comment 

Breast cancer affects Canadians from coast to coast.  On Sunday, October 5, 2008, unite with all Canadians in the Canadian Breast Cancer Foundation CIBC Run for the Cure. Once again Team Remax is involved with helping to fundraise for this great event.

The Run was created in 1992 by a small group of volunteers who wanted to raise awareness and funds for the cause. The first event took place in Toronto. Over 1,500 participants raised $85,000 – an outstanding success!  Through the ongoing dedication of our volunteers, this single Run event grew into what it is today … Canada’s largest single-day, volunteer-led fundraising event dedicated to breast cancer research, education and awareness.

In 2007, 53 communities and 170,000 Canadians participated in the Canadian Breast Cancer Foundation CIBC Run for the Cure. Together, we raised more than $27 million for breast cancer research, education, and awareness programs. What an incredible success!

This year I’ve decided to take a more active roll. I am participating in the Canadian Breast Cancer Foundation CIBC Run for the Cure, on Sunday, October 5th and I am asking for your support for a cause that is very important to me.

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Herbon Announcement Set for Tomorrow

August 19, 2008 · Filed Under Local St. John's, Market Trends, Newfoundland Oil and Gas, St. John's General, St. John's Investments and St. John's Real Estate · Comment 

The day has finally arrived. All newspapers and local websites are anticipating a formal announcement tomorrow from Premier Danny Williams giving the thumbs up for Hebron. Good timing seeing that the deadline for the agreement was slated to expire on Thursday.

The breakdown in ownership is Chevron Corp. which owns 28 per cent, Exxon Mobil Corp. the largest shareholder with 37.5 per cent, Petro-Canada and Norway’s state-owned StatoilHydro ASA own the rest. The province of Newfoundland will receive a 4.9 per cent equity stake in the project.

So far this year St. John’s Real Estate has jumped about 20% with a projected 15% increase in 2009. In the beginning of the year CHMC went on record saying 7 – 8% increase in housing prices while Remax was deemed highly optimistic with their 12% projection for 2008.

With this impending news release, how will the real estate market react? When will the oil companies start moving people into the St. John’s and start buying up properties? Is too much of a good thing too fast good for Newfoundland Real Estate?

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Regetta and Hebron – to be confirmed

August 6, 2008 · Filed Under Local St. John's and St. John's General · Comment 

News this morning (5:45am) postponed the 190th St. John’s Royal Regatta due to weather, maybe til Thursday (personally I’d say Friday)  Could make it a long weekend in St. John’s.  So it’s business as usual this first Wednesday in August.

Speaking of business….the Hebron deal has been postponed as well.  Final last minute details are still being worked out.  The memorandum of understanding expires August 21st.

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