St. John’s Real Estate Housing Starts for March 2014

April 8, 2014 · Filed Under CMHC Reports · Comments Off 

Housing starts in the St. John’s Real Estate Market were trending at 1,587 units in March compared to 1,842 in February according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.

“Residential construction activity in St. John’s trended lower in March,” said Chris Janes, Senior Market Analyst with CMHC’s Atlantic Business Centre. “The downward trend can be attributed to a slower rate of economic growth than has been seen in recent years and has impacted both single- detached and multiple starts in 2013,” added Janes.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 298 units in March compared to 1,891 in February.

(Source: CMHC http://www.cmhc-schl.gc.ca/odpub/press/2014/2014_04_08_0945_ENL.pdf)

Canadian Real Estate News Round up

August 9, 2013 · Filed Under Real Estate Articles · Comments Off 

Here is a round up of interesting real estate articles I stumbled upon this week.  Some great reads if you follow the Canadian Real Estate Market and the latest mortgage changes.

Rob Carrick wrote a great article listing five strategies for those worried about the housing market?

Being at all time lows the past few years, it was only a matter of time before the interest rates increased.  Canada Mortgage and Housing Corp. is limiting guarantees it offers banks and other lenders on mortgage-backed securities – CMHC moves to take steam out of housing market. 

Housing starts were trending at 1,543 units in July compared to 1,531 in June according to CMHC.  Read the full press release – July 2013 Housing Starts for the St. John’s real estate market

First-time buyers likely to feel impact of new CMHC restrictions as housing market starts to surge again – New CMHC restrictions could impact mortgage rates

Curious to see how the Canadian mortgage rates moved over the past 23 years? Check out this chart of the slow decline in mortgage rates since 1990.

Here is a great article from ratehub.ca – What does CMHC’s latest announcement mean for Canadians?

Statistics Canada says its new housing price index rose 0.2% in June, following a pattern of similar gains over the past 15 months. – Prices of new Canadian homes continue to march higher

St. John’s Real Estate MLS housing market outlook for first quarter 2013

June 25, 2013 · Filed Under CMHC Reports, Market Trends, New Home Construction, Newfoundland Economy · Comments Off 

mls sales forecast st. john'sFor the St. John’s real estate market, starts for the first quarter of 2013 were 176.  133 of which was single detached.  Total starts declined 38.7% with only a 6.3% decline for single detached.The average MLS price for a home in the St. John’s Real Estate Market was $309,551 for the first quarter of this year. This is an increase of 4.3% from last year’s first quarter. MLS sales have decreased by 34.1% comparing the two quarters.

Below are some snippets from CMHC’s Housing Market Outlook – Atlantic Region

  • Hhousing-startsousing starts in Atlantic Canada increased close to 33 per cent in the first quarter as a result of a significant rise in multiple starts. Single starts were down close to 24 per cent.
  • Three of the four Atlantic provinces increased starts.  Newfoundland was the lone decliner of new home starts
  • Residential home starts declined 26% for Newfoundland
  • Housing starts in Atlantic Canada are expected to fall about 11% for 2013 and a further 6% for 2014
  • Multiple starts to fall 17% for 2013 and 12% for 2014 for the Atlantic provinces
  • MLS® prices in the first quarter of 2013 were up close to three per cent. The full-year forecast for 2013 is for an increase of two per cent with a further 2.3 per cent rise expected in 2014.
  • Sale were down close to 13% for the first quarter 2013
  • Newfoundland will have the best economic performance in Atlantic Canada in 2013 and 2014 in terms of GDP growth. 2.5% for 2013 and 1.5% growth in 2014.

 

Canadian Mortgage Market Overview 2013

June 10, 2013 · Filed Under Real Estate Canada · Comments Off 

Here is a great infographic from RateHub.ca A very well laid out graphically representation of how the Canadian Mortgage market currently sits. For better and for worse, they share all the good, the bad and the ugly of what Canadians do with their mortgages. According to the website, they received all their data from the 2013 CMHC Mortgage Consumer Survey and CAAMP’S Change in the Canadian Mortgage Market report. Below is a snipet of the infographic.  Click on it for the entire picture.  It’s VERY interesting.

canadian mortgage market 2013

December 2012 Housing Starts in St. John’s Newfoundland (CMHC report)

January 9, 2013 · Filed Under CMHC Reports · Comments Off 

Housing starts in St. John’s, Census Metropolitan Area (CMA) were trending at 2,225 units in December, according to Canada Mortgage and Housing Corporation (CMHC).The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts. The standalone monthly SAAR was 2,182 units in December, upfrom 2,150 in November.

“For 2012, single starts were flat while multiple starts advanced considerably, resulting in a 12 per cent increase in total new home construction activity throughout the St. John’s area. Growth in population, income and employment, paired with favourable mortgage rates, supported housing demand throughout the year,” said Chris Janes, CMHC’s Senior Market Analyst for St. John’s.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment  of the markets, which can be quite variable from one month to the next.

Single-detached starts added 120 actual units in December compared to 104 units a year ago. Multiple starts totalled 70 actual units in December versus 27 units in December of 2011. For 2012, total starts reached 2,153 actual units, with 1,292 singles and 861 multiples. Overall, total starts were 12 per cent ahead of 2011’s pace.

November 2012 Housing Starts increase for the St. John’s Real Estate Market

December 10, 2012 · Filed Under St. John's Real Estate · 1 Comment 

Housing starts in St. John’s, Census Metropolitan Area (CMA) were trending at 2,215 units in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR was 2,148 units in November, up from 1,659 in October.
“After eleven months, multiple starts have advanced considerably and supported the increase in total new home construction activity throughout the St. John’s area. Growth in population, income and employment, paired with favourable mortgage rates, has supported housing demand this year,” said Chris Janes, CMHC’s Senior Market Analyst for St. John’s.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets, which can be quite variable from one month to the next.

Single-detached starts added 103 actual units in November compared to 130 units a year ago. Multiple starts totalled 84 actual units in November versus 77 units in November of last year. Year-to-date total starts have reached 1,963 actual units, with 1,172 singles and 791 multiples. Overall, total starts this year remain ten per cent ahead of last year’s pace.

(source: http://www.cmhc-schl.gc.ca/odpub/press/2012/2012_12_10_0945_ENL.pdf)

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