Investment property near CONA, MUN and Marine Institute – 156 Higgins Line

March 7, 2010 · Filed Under First Time Buyers, New MLS Listings, St. John's East End, St. John's Investments, St. John's MLS listings and St. John's Real Estate · Comment 

Fraser and Stephen Winters have just listed 156 Higgins Line. An absolutely fantastic 2-apartment home located on the doorstep to Marine Institute, CONA and MUN. Lots of upgrades in recent years including roof, siding,vinyl windows and laminate flooring. 3 bedrooms in the main unit and 2 bedrooms in the basement apartment. Large open concept dining room adjacent to the living room. Master bedroom has a 2 piece ensuite. Large recroom in basement for the main unit living area. Conveniently locate on bus route. Home is situated on a large deep lot (land goes back further then back fence) a rare find in this area. Great investment property!  MLS Number: 151858  Asking price is $277,900.

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Newfoundland Real Estate MLS Stats February

March 2, 2010 · Filed Under Market Trends, Monthly MLS Stats, Mount Pearl Real Estate, Paradise Real Estate and St. John's Real Estate · Comment 

Buyers are taking advantage of favourable real estate market conditions around St. John’s and areas….sellers too are reaping the rewards. Multiple offers are a factor in our marketplace once again, with well-priced listings—especially around the $200k to $260k  price range. Properties priced at market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board – and it’s not likely to subside unless more inventory comes on-stream.  The Bank of Canada released today that it will keep it’s interest rate “as is” but hinted at the fact it will most likely increase in June/July due to Canada’s higher then expect latest GDP numbers.

Total # of new MLS Listings [Feb] =567 (based on residential stats)

Total # of Sales [Feb] = 259

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2650 (residential only)

Here is a break down by area for the month of February

St. John’s Real Estate: Listings = 117   Sales = 66 Sales/Listings Ratio = 56%

Average Sale Price is St. John’s: $270,742 for the month of February and the 12 month average $240,470

Mount Pearl Real Estate: Listings = 13 Sales = 7  Sales/Listings Ratio = 54%

Average Sale Price (12 month average): $218,063

Paradise Real Estate: Listings =64 Sales = 18 Sales/Listings Ratio =28%

Average Sale Price (12 month average): $268,980

East Extern Real Estate: Listings = 37 Sales = 14  Sales/Listings Ratio = 38%

Average Sale Price (12 month average): $259,371

Conception Bay South Real Estate: Listings = 48   Sales = 19  Sales/Listings Ratio = 40%

Average Sale Price (12 month average): $225,728

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Low inventory levels set stage for heated Spring market says RE/MAX

February 24, 2010 · Filed Under Market Trends, Real Estate Canada, Remax Reports and St. John's Real Estate · Comment 

Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released by RE/MAX.

The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.

There have never been so many motivating factors in play at once. We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies.

Markets experiencing the tightest inventory levels include Toronto (- 41 per cent); Kitchener-Waterloo (-33 per cent); Ottawa (- 30 per cent); Victoria (- 30 per cent); Greater Vancouver (- 27 per cent); Halifax-Dartmouth (- 19 per cent); London-St. Thomas (- 18 per cent); Regina (- 16 per cent); and Winnipeg (- 13 per cent). Conditions were still balanced, but starting to tighten in Calgary, Edmonton and Saskatoon, particularly in the single-family detached category.

The highest year-over-year sales gains were reported in Greater Vancouver (152 per cent), Kelowna (121 per cent), Greater Toronto (87 per cent), Victoria (69 per cent), Hamilton-Burlington (58 per cent), London-St. Thomas (55 per cent) and Calgary (47 per cent). Western Canadian cities dominated the list of centres with the highest increases in price appreciation. These included Victoria at 25.5 per cent, Kelowna at 22 per cent, Greater Vancouver at 19.5 per cent, and Winnipeg at 17 per cent. St. John’s (23 per cent) and Toronto (19 per cent) were also among the frontrunners for price growth.

Affordability is the catalyst for the vast majority of purchasers in today’s housing market. While homeownership is still within reach in many major centres, levels are slipping. There is a growing sense, on both sides of the fence, that the time to act is now.

While buyers are taking advantage of favourable conditions, sellers too are reaping the rewards. Competing bids are a factor in the marketplace once again, with well-priced listings—especially at the entry-level price point—experiencing multiple offers. Properties priced at fair-market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board – and it’s not likely to subside unless more inventory comes on-stream.

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Kirkland Balsom St. John’s Real Estate Market Overview 2010

February 18, 2010 · Filed Under Market Trends, Real Estate Articles, St. John's Condos and St. John's Real Estate · Comment 

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.

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Interesting Real Estate links throughout Canada

February 16, 2010 · Filed Under Real Estate Articles, Real Estate Canada, Real Estate Roundup and St. John's Real Estate · Comment 

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Newfoundland Real Estate January

February 4, 2010 · Filed Under St. John's Real Estate · Comment 

Well the first month of the year has past.  Personally I find January the slowest month of the year for real estate,  but this year was a little different.  Inventory levels of homes for sale in St. John’s and surrounding areas seem to be very low.  On the flip side there are lots of buyers.   I’ve been involved in a few multiple offer situations so far this year and have heard from other Realtor’s that they too have been involved in multiple offers.  As well, I’ve seen a fair number of homes sold within 24 to 48 hours from being listed on MLS.  Based on CMHC’s stats from ‘Newfoundland MLS Trends for 4th quarter of 2009‘ we ended 2009 in a sellers market.  I feel this trend will continue into the better part of the summer.  When the Bank of Canada increases it’s interest rates we’ll probably see a little pull back in sales.

Total # of new MLS Listings [Jan] =615 (based on residential stats)

Total # of Sales [Jan] = 240

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2458 (residential only)

Here is a break down by area for the month of January

St. John’s Real Estate: Listings = 155   Sales = 89 Sales/Listings Ratio = 57%

Average Sale Price is St. John’s: $271,674 for the month of October and the 12 month average $237,988

Mount Pearl Real Estate: Listings = 21 Sales = 3  Sales/Listings Ratio = 14%

Average Sale Price (12 month average): $218,729

Paradise Real Estate: Listings =28 Sales = 21 Sales/Listings Ratio =75%

Average Sale Price (12 month average): $269,242

East Extern Real Estate: Listings = 40 Sales = 15  Sales/Listings Ratio = 38%

Average Sale Price (12 month average): $259,029

Conception Bay South Real Estate: Listings = 34   Sales = 18  Sales/Listings Ratio = 53

Average Sale Price (12 month average): $223,082



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Newfoundland MLS Trends for 4th Quarter 2009

January 28, 2010 · Filed Under CMHC Reports, Market Trends and St. John's Real Estate · Comment 

CMHC just released their latest Housing Market Information statistics for the Newfoundland real estate market today.  Here is a basic breakdown from the report:

MLS® Residential Sales Increase During Fourth Quarter

  • MLS® sales increased 7.5% to 1,293 compared to 2008’s fourth quarter sales of 1,203.
  • October, November and December MLS® sales were 473, 421 and 399, respectively.
  • Fourth quarter average MLS® residential house price climbed 10% to $212,992 compared to $193,529 during the fourth quarter of 2008 – the only consistent price growth market in Canada since 2008.

Sellers Market Conditions

  • 1,257 new residential listings during the 4th quarter compared to 1,463 during the same period in 2008.
  • Active listings or inventory averaged 1,542 from October to December versus a similar 1,528 during Q4 of  2008.
  • Sales-to-active listings ratio hit 34% in December and averaged 29% during the fourth quarter versus 26% in Q4 of 2008.

Sellers Market Keeps Active Listings Low

  • Steady demand for housing caused active residential listings to remain low during the fourth quarter.
  • Active listings for October, November and December were 1,790, 1,643 and 1,192, respectively, with new listings of 601, 416 and 240, respectively.
  • Steady demand paired with 7.5% more sales and 14% fewer new listings resulted in sellers market conditions.

Mortgage Rates

  • Canadian mortgage rates are expected to remain historically low during the first half of 2010 and increase gradually during the second half, as bond yields start to increase.
  • For 2010, the posted 5-year mortgage rate is expected to be in the 5.49% to 6.0% range.
  • The record low bank rate currently sits at 0.25%, with prime at 2.25% and 5-year fixed mortgage rates at 5.49% at major Canadian banks.

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