St. John’s Housing Starts Increase in September

October 29, 2008 · Filed Under Market Trends, St. John's Investments and St. John's Real Estate · Comment 

ST. JOHN’S, October 8, 2008 – Urban housing starts increased during the month of
September, according to preliminary data1 released today by Canada Mortgage and
Housing Corporation (CMHC). September’s total housing starts increased 18 per cent,
with 268 posted throughout Newfoundland and Labrador compared to 227 a year ago.
So far this year, urban housing starts total 1,580 across the province, up 22 per cent.
209 of the 268 provincial starts were recorded within the St. John’s region versus 178
last September, an increase of 17 per cent. Year-to-date, housing starts within the St.
John’s region are 23 per cent higher than the same period last year, with 1,288
recorded.
“New home demand remains very high within the local housing market and much of the
increase in housing starts during September can be attributed to a 40 per cent reduction
in existing home inventory so far this year,” said Chris Janes, Senior Market Analyst with
CMHC in Newfoundland and Labrador. “With the Hebron agreement now in place, a
bustling local economy and positive in-migration, both the new and existing home
markets continue to show signs of strength,” added Janes.
For Canada’s urban centres, total housing starts retreated 20 per cent with 17,644 in
September compared to 22,033 during September of 2007. Single-detached starts fell
23 per cent to 6,299 while multiple starts of 11,345 represent an 18 per cent decrease
from a year ago. Throughout Atlantic Canada, there were 1,030 urban housing starts
versus 1,029 the previous September.

Just released from CMHC Housing Now Publication

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Newfoundland Real Estate housing starts up again

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

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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