Newfoundland in the Spotlight once again

April 25, 2008 · Filed Under St. John's Real Estate · Comment 

Reporter Greg Quinn wrote and article for Bloomberg entitled “Newfoundland Gets Off Canada’s Dole as Williams Takes on Exxon” discussing Newfoundland’s transformation (”Getting off the dole” Quinn eloquently put it) due to recent oil revenue and our Premier Danny Williams fight with the big oil companies.

Favorable high oil prices, personal income tax cuts, a budget surplus and booming economy - 9 percent growth last year which was three times the national average - seems to be the talk of the town.

Everywhere you turn people are talking about the prosperous times in Newfoundland’s future….most importantly the St. John’s real estate market.

Stated in his article was of course my interest….real estate.

The average price of a detached home in St. John’s jumped 13 percent in the first quarter to C$164,000, according to Royal LePage Real Estate Services. That’s almost double the national price increase.

The province’s economy has grown 50 percent since Hibernia began producing nine years ago. That’s second only to the 53 percent expansion in Alberta, whose tar sands hold the biggest oil deposits outside the Middle East.

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