Strong Second Quarter for St. John’s Real Estate Housing Market for 2012

August 7, 2012 · Filed Under CMHC Reports, St. John's Real Estate · Comments Off 

Continued growth in population,  income and employment supported  housing market activity during the  second quarter of this year. Both the  new home and existing home markets  were strong, due to solid growth in  the local economy that continued to  draw people to the St. John’s area.

New Home Construction  Activity Higher

New home construction activity advanced throughout the St. John’s area during the second quarter and price growth continued. There were  644 housing starts versus 572 in 2011’s second quarter. Single-detached starts activity totalled 409 compared to 387 a year ago, while 235 multiple  starts were recorded compared to 185 during the second quarter of 2011.

Throughout the entire St. John’s CMA, approximately three quarters of all new single-detached homes sold for more than $300,000 during the second  quarter. The fastest growing segment  of the market was the $400,000  plus segment, which increased to 29 per cent of total new home sales from 21 per cent a year ago.

The overall average new house price for the St. John’s CMA was $412,452 as compared to $346,476 recorded during the second quarter of 2011.  Led by several large, high-end new homes and condos, the average sale price was highest in St. John’s city at $507,586.

Stable Existing Home Market

Relatively unchanged inventory levels  contributed to stable existing home market conditions during the second quarter. Prospective home  buyers had a large number of homes to choose from as inventory levels remained similar to 2011’s second quarter. Listings remained on the market for an average of 78 days compared to 73 days during the second quarter of last year, with offers at approximately 97  per cent versus 98 per cent of asking  price a year ago.

For the St. John’s area, there were 2,158 new residential  listings compared to 2,145 during the  same period last year. Active listings  averaged 1,943 a month versus a  similar 1,971 during the first quarter  of 2011.

The average MLS® residential price in the St. John’s CMA was $277,899 compared to $265,350 during the  second quarter of 2011. The average
price continued to be supported by demand driven by local economic and demographic conditions.

Newfoundland Real Estate Stats for March

April 6, 2009 · Filed Under Monthly MLS Stats, St. John's Real Estate · Comments Off 

It’s been an interesting 1st quarter for the Real Estate in Newfoundland.  The sky has not fallen in the St. John’s real estate market like the media and public were anticipating.   The average price for a home in St. John’s edged slightly higher (currently at $205,040 for a 12 month period).  Listings have increased in number as have the number of sales for the month of March.

Mortgage rates are at all time lows. (4.15% for a 5 year term seems to be the norm at the time of posting).  Variable rates have dropped considerably in the past year.  The variable mortgage rate was close to 6% middle of last year compared to 3.25% now.

This month, Newfoundland’s Real Estate MLS housing price break down is showing a 2% increase in sales while there was 789 new listings, an increase of 17% from last year.  Majority of the sales showing were in the $200,000 to $350,000 price bracket once again.

Total # of MLS Listings [Mar] = 789

Total # of Sales [Mar] = 266

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2658

The average price of a home in the St. John’s Real Estate market is now $205,040  compared to the provincial average of $188,111 YTD for 2009.  Note this is for ALL Newfoundland (

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

St. John’s Real Estate: Listings = 148  Sales = 83 Sales/Listings Ratio = 56%

Average Sale Price: $219,257 for the month of March

Mount Pearl Real Estate: Listings = 21 Sales = 11  Sales/Listings Ratio = 52%

Average Sale Price: $198,959

Paradise Real Estate: Listings =43 Sales = 24 Sales/Listings Ratio =56%

Average Sale Price: $235,156

East Extern Real Estate: Listings = 32 Sales = 13   Sales/Listings Ratio = 41%

Average Sale Price: $202,407

Conception Bay South Real Estate: Listings = 47   Sales = 19  Sales/Listings Ratio = 40%

Average Sale Price: $184,753

St. John’s and Regina Real Estate markets up 0.8%

March 30, 2009 · Filed Under St. John's Real Estate · 1 Comment 

Just barely keeping our heads above water, real estate prices in St. John’s (and Regina) are up 0.8% for January and February according to Stats Can. Slightly higher are Saint John, Fredericton and Moncton which rose  1.4%.

The biggest decliners are in Edmonton where the prices of new homes fell almost 10.4% year over year, and Calgary saw a drop of 6.5%

Prices are holding steady St. John’s and should continue to do so for the remaining of the year.  Multiple offers have declined considerably but can still be seen on certain properties.

Houses in the 120k to 160k range are the hot properties now.  Average price for a home in St. John’s is around the 200k range.  I have noticed a drop in activity in the 350k price range.  Especially in the 450k – 600k range.

Remax Decade in Review

February 22, 2008 · Filed Under Market Trends, Remax Newfoundland, St. John's Investments, St. John's Real Estate · Comments Off 

Residential real estate markets across Canada post solid gains over past decade, says RE/MAX. Pent-up demand, population growth, tight inventory levels, and the longest economic expansion since World War II collectively fueled one of the best decades on record for residential real estate in Canada, according to a report released by RE/MAX.

RE/MAX Decade in Review 1997 – 2007 found that major housing centres across the country experienced strong consecutive growth between 1997 and 2007. Average price spiraled upward while unit sales climbed in tandem as more and more Canadians bought into homeownership. Nationally, average price almost doubled in the 10-year period, rising from $154,606 in 1997 to $307,265 in 2007, for a 7.1 per cent annually compounded rate of return.

Edmonton led the country in terms of percentage increase in average price. The city saw a 203 per cent upswing in housing values – or an 11.7 per cent increase annually – with average price rising from $111,587 a decade ago to $338,636 in 2007. Prince Edward Island experienced the highest percentage increase in unit sales, with the number of homes sold up 119 per cent in the 10-year period.

Percentage increases in home sales varied across the country, with Prince Edward Island experiencing the greatest upswing over the past decade, followed by St. John’s at 106 per cent.

Average Price1997 – 2007

07 vs. ’97 Compound
Market 1997 2007 % +/- % ’97 vs. ’07
Greater Vancouver Area $287,094 $570,795 98.8 7.1140
Victoria $218,398 $466,974 113.8 7.8960
Kelowna $178,525 $497,322 178.6 10.79
Calgary $143,305 $414,066 188.9 11.1940
Edmonton $111,587 $338,636 203.5 11.7400
Saskatoon $98,270 $232,754 136.9 9.0050
Winnipeg $86,040 $187,456 117.9 8.0990
Barrie $140,569 $258,999 84.3 6.3020
Greater Toronto Area $211,307 $376,236 78.1 5.9390
Hamilton-Burlington $151,538 $268,857 77.4 5.9010
London-St. Thomas $131,382 $202,908 54.4 4.4420
Kitchener-Waterloo $141,387 $252,429 78.5 5.9680
Sudbury $108,521 $182,536 68.2 5.3380
Kingston $124,123 $222,300 79.1 6.0010
Ottawa-Carleton $143,866 $277,058 92.6 6.7730
Halifax-Dartmouth $109,827 $216,339 97.0 7.0140
Prince Edward Island $86,403 $133,457 54.5 4.4430
St. John’s $92,226 $149,258 61.8 4.9320
Saint John $86,171 $140,544 63.1 5.0130

National $154,606 $307,265 98.7 7.1100
Source: CREA, Local Real Estate Boards, RE/MAX

The decade was not without its obstacles – the high-tech meltdown, a US recession, 9/11, SARS, Mad Cow, a blackout that affected the entire Northeastern seaboard, natural disasters such as ice storms, hurricanes, and forest fires and more recently, the credit crunch south of the border. Given the continuation of sound economic fundamentals, it’s expected that residential real estate markets across the country will continue to experience healthy activity, albeit at a more moderate pace.