Canadian Real Estate - Hot or Not

September 25, 2008 · Filed Under Market Trends, St. John's Investments and St. John's Real Estate · Comment 

If you’ve read the national papers or follow the national TV news programs in the past few days you’ll hear lots of doom and gloom for the Canadian Real Estate sector.  While indirectly comparing to the US, but not quite as bad, economists are predicting a pull back (as seen in some cities already) and we have not yet seen a bottom.

In contrary…..the Newfoundland real estate market is expected to flourish.  Will our future follow the same faith?  Toronto Real estate and Vancouver condo prices boomed long before St. John’s Real Estate prices.  Are we just lagged behind by 3 - 5 years?

Here are 3 articles on the differences of opinions regarding Real Estate in Canada.

Real Estate Reporter Lori Mcleod with Globe and Mail dicsusses “Housing market at risk, economist warns”

Globe and Mail writes about: Canada could face housing woes, Merrill warns

VOCM.com says

A new survey shows high-end housing in the St.John’s region is the most
expensive in Atlantic Canada, and even tops the average sale price in
Montreal. This survey looked at the average price for a typical executive
home. The Coldwell Banker survey of September 3rd pegs the average sale
price in metro at $308,000. That’s about $35,000 more than a house in Halifax
or Moncton, and $55,000 more than a house in Montreal.  The least expensive
market in Atlantic Canada is Charlottetown, where the average price is
$157,000. Prices in St.John’s have gone up by 32 per cent over the past
year. Only one market in the country among those surveyed saw a larger
increase: Saskatoon at 50 per cent. A booming economy on the northeast
Avalon is primarily responsible.

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