From the CMHC press release regarding vacancy rates in St. John’s.

According to Canada Mortgage and Housing Corporation’s (CMHC) Fall Rental Market Survey, the vacancy rate in the St. John’s Census metropolitan area (CMA) was 1.3 per cent, compared to 1.1 per cent in 2010.
“With record employment and income growth attracting people to the region, population growth continued to create rental demand as new immigrants have a high tendency to rent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “An increase in home prices and a solid economy also supported demand for rental units in 2011. These factors, coupled with limited new rental supply, continued to keep the local vacancy rate low,” added Janes.
Provincially, vacancy rates in percentage terms were 1.3 in the Corner Brook area, 1.2 per cent in Gander and 0.9 per cent in the Grand Falls-Windsor area. The combined provincial vacancy rate for all centres surveyed increased from 1.0 per cent to 1.3 per cent.
Overall, the average two bedroom rent was $701 across the five urban centres surveyed, with increases recorded in every centre. The highest average two bedroom rent recorded was $771 in the St. John’s CMA, while Bay Roberts posted the lowest average rent of $561. The remaining average two bedroom rents were $584 in Corner Brook; $567 in Gander and $646 in Grand Falls-Windsor.

 

***REDUCED*** 29 Gorman Ave is located in Kilbride.  This 2-apt home has lots of potential. Three bedrooms on the main floor and two in the basement apartment.   Vinyl windows. Spacious main floor with open concept living room / dinging room.  Fully fenced back yard.  Patio deck.  and 12 x 16 shed.  Great investment property. Asking price is $190,000  MLS: 171512  Call Fraser or Stephen Winters for more information.

  ** SALE PENDING ** Great investment property in West End St. John’s.  38 Forbes Street is a two apartment home located close to Village Mall. Three bedrooms up with 2 bedrooms downstairs . Upgrades include new electrical panel, some newer vinyl windows and laminate floors.   Very spacious basement apartment. Separate laundry for both units as well as separate driveways. MLS: 166858 Asking price is $239,900  Contact Fraser or Stephen Winters for more information.

** SALE PENDING ** Located in a prime east end location next to McDonald Drive Elementary / Junior High Schools on the doorstep to Collage of the North Atlantic, Health Sciences, Confederation Building, Marine Institute. Both Units presently rented. Vinyl Windows on main floor. Roof Shingles replaced approx 8 Years ago. Three bedrooms up with a family room for main downstairs. One bedroom apartment downstairs. Ample parking. Great investment property. Separate Meters.  Contact Fraser or Stephen Winters for more information.  MLS: 166724 Asking price is $244,900

Results of Canada Mortgage and Housing Corporation (CMHC)’s Spring 2011 Rental Market Survey released today indicate that the overall vacancy rate was up in provincial urban centres in April 2011. The overall vacancy rate was 2.1 per cent, an increase of one per cent from last April’s rate of 1.1 per cent.
The St. John’s area rental market posted a vacancy rate of two per cent in April 2011 compared to 1.1 per cent last April. “With an active labour market, population growth will continue to create rental demand and keep vacancy rates low within the region,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “High home prices and a strong economy are supporting demand for rental units. These factors, coupled with limited new rental supply being added to the market, continue to keep the vacancy rate low,” added Janes.
The Corner Brook area posted the lowest vacancy rate in the province at 1.7 per cent compared to 0.8 per cent a year ago. Other centres surveyed recorded the following vacancy rates: the Gander area increased to 2.3 per cent from 0.6 per cent last year and the Grand Falls-Windsor area came in at 2.7 per cent, a vacancy rate comparable to last year.

Fraser and Stephen Winters have just listed a great investment property in the East End of St. John’s. 6 Morrison Place is a 2 Apartment home located on a cul-de-sac in a great area close to CONA and MUN.  Hardwood on main with exception of kitchen and bathroom.  Mostly all new vinyl windows. Oak cabinet doors and new counter top. Roof re-shingled in recent years. 8 x 16 patio deck. The apartment is spacious and mostly above ground. Has its own large separate driveway. It is a one bedroom apt with easy potential for 2 bedrooms. Mature back garden. Some appliances are included. An absolutely great investment property or a family home with rental income. Asking price is $259,900  MLS: 160047

Fraser and Stephen Winters have just listed a very well cared for 2-apt home in Cowan Heights with a favorable open concept layout.  15 Harrington Drive has hardwood and ceramic floors throughout the main unit. Country style kitchen with oak cabinets, center island and separate dining room. The family room is very bright and spacious. The main unit has a large rec-room complete with hardwood flooring as well as a laundry/storage room and half bathroom. The over sized bedroom in the basement apartment will be easy to rent. Once again you will find the apartment to be open concept and bright like the main floor unit. Basement apartment has its own laundry. The back yard includes a two tier pressure treated patio, is fully fenced and nicely landscaped. There is a detached 12×20 wired garage.  Time to get into this booming St. John’s Real Estate market.  This home will make a great investment property. Asking price is $287,500. **SALE PENDING**

**SOLD** Great Location near downtown St. John’s.  37 Golf Ave – $159,900 Spacious 5 bedroom home with two bathrooms located within walking distance to Mun and close to St. Clare’s Hospital. Large deep lot. Main floor laundry. Hot Water Radiation heat. Mostly new vinyl windows. 125 Amp Breaker Panel. Off street parking. Great Investment property.  MLS:157071 Call Fraser or Stephen Winters for more information.

Great investment property on the doorstep of Memorial University of Newfoundland (MUN). 39 Weymouth is a 2400 sqft fully developed 3 bedroom bungalow with a 2 bedroom inlaw suite in the basement. Within the past few years there have been numerous upgrades including new vinyl siding, vinyl windows and shingles. Hardwood floors throughout most of the main floor. Open concept family room / dining room separated by a wood burning fireplace. There is a large deck and mature trees providing lots of privacy in the backyard. Close to Health Sciences, MUN and the Avalon Mall. Asking price is $314,900 REDUCED: $304,900 MLS: 156488

The St. John’s Property assessment is the estimated value of a property (land and building) utilized for municipal taxation purposes.  The “Assessment Act 2006” is the Legislative authority governing assessment and taxation in the City. The assessment value can at times be similar to fair market value, however with the fast changing St. John’s Real Estate market the two values can be greatly different in figures.

From the City of St. John’s website  “the City’s assessments are calculated on the basis of a property’s market value as of a specific point in time, referred to as the “base date”. The presently applicable “base date” on which your assessment is calculated is January 1st, 2008. In other words, the market value of your property on that date is presently utilized to calculate your municipal taxes for 2010.”

To find out the assessment value of a home in St. John’s visit the Property Assessment Search

Annual residential property taxes for St. John’s are calculated at a rate of 10.1 mils, or 1.01 % of a property’s total assessment (for the year 2010).  A property with a total assessed value of $100,000. would be charged an annual property tax of $1010.00, calculated as follows:

Assessed Value of St. John’s Home = $100,000.
Multiplied by the Mil Rate = .0101 (10.1 Mils)
Annual Property Tax for 2010 = $1010.00

Don’t forget to include your water taxes. Water taxes for St. John’s are a flat rate of $520. (multiplied by 2 if you have a 2-apt home)

So a $100,000 property would have a total property tax of $1530 for the year or $127.50 per month.

Fraser and Stephen Winters have just listed 4 Marshall Place. A hot new listing in Grovesdale Park! This beautiful 3 bedroom, two storey duplex features an eat in kitchen with oak cabinets and patio door leading to a 10×12 deck. Master bedroom includes ensuite and walk in closet. Enjoy the convenience of having a 1/2 bathroom and laundry room on the main floor.  Property is situated in a cul-de-sac on a LARGE lot near MUN, Avalon Mall and Health Science Center. Great opportunity for an investor or first time home buyer.  Asking price: $236,900.  MLS:152286  **SOLD **