Newfoundland Real Estate housing starts up again

July 10, 2008 · Filed Under Real Estate Articles and St. John's Real Estate 

Released from CMHC Housing Now publications, the starts press release for Newfoundland and Labrador.

Provincial urban housing starts were up during the first half of this year, despite a slight decrease during the month of June, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). June’s total housing starts dipped seven per cent, with 212 posted within the province compared to 228 a year ago. A total of 172 of the 212 starts were within St. John’s metro versus 180 last June.

Year-to-date, there have been 738 new homes started across the province versus last year’s total of 623 homes, an increase of 18 per cent. A total of 628 of these starts occurred within St. John’s metro, for a year-to-date increase of 20 per cent.

“The demand for newly built homes remains very high within the local housing market and the solid increase in housing starts during the first half of this year was driven by a low level of existing homes for sale,” said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador. “With a buoyant economy and positive net migration, tight market conditions are expected to continue and strong demand for housing will drive prices higher throughout the second half of 2008,” added Janes.

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