Vacancy Rates Up Across Newfoundland

June 9, 2011 · Filed Under CREA Reports, St. John's Investments, St. John's Rentals Info · Comments Off 

Results of Canada Mortgage and Housing Corporation (CMHC)’s Spring 2011 Rental Market Survey released today indicate that the overall vacancy rate was up in provincial urban centres in April 2011. The overall vacancy rate was 2.1 per cent, an increase of one per cent from last April’s rate of 1.1 per cent.
The St. John’s area rental market posted a vacancy rate of two per cent in April 2011 compared to 1.1 per cent last April. “With an active labour market, population growth will continue to create rental demand and keep vacancy rates low within the region,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “High home prices and a strong economy are supporting demand for rental units. These factors, coupled with limited new rental supply being added to the market, continue to keep the vacancy rate low,” added Janes.
The Corner Brook area posted the lowest vacancy rate in the province at 1.7 per cent compared to 0.8 per cent a year ago. Other centres surveyed recorded the following vacancy rates: the Gander area increased to 2.3 per cent from 0.6 per cent last year and the Grand Falls-Windsor area came in at 2.7 per cent, a vacancy rate comparable to last year.

Newfoundland Realtor brings listings to Alberta

February 18, 2008 · Filed Under Real Estate Articles · Comments Off 

I located an interesting article in The Western Star regarding a Corner Brook Realtor heading out to Fort McMurray for 9 days to promote Newfoundland Real Estate.

Realtor brings listings to Alberta to target Newfoundlanders who want to move home

The Western Star

A local Realtor is shopping its western Newfoundland properties to returning Newfoundlanders in Alberta this week.

K.S.A.B. Realty, its president Darren Brake and real estate broker Herb Johnson, have planned a nine-day exhibit in Fort McMurray of its real estate listings.

“Our target market is Newfoundlanders working and living in Fort McMurray who are thinking about retiring and moving back home,” Brake said.

K.S.A.B. has rented a board room at the downtown Clearwater Suite Hotel from Feb. 21-29, bringing professionally designed displays and presentations to showcase Marble Mountain Condominiums, Marble View Estates, Lake Shore Estates, Humber View Estates, Bells Brook Sub-division, and the residential and commercial real estate listed with the company in Corner Brook and throughout the Humber Valley.

In evaluating possible markets, to them, Alberta stood out above the rest.

“Because the target market in Alberta is Newfoundlanders, the prospective purchaser is already familiar with Newfoundland,” Johnson said.

“They know where Newfoundland is and they already know all the benefits of living here. Our job is to introduce them to the properties that are for sale in western Newfoundland.”
Fort McMurray has about a 40 per cent Newfoundland population, giving K.S.A.B. a market of about 24,000 people. With an average salary of over $100,000, they feel this market shows a lot of potential.

“All we need is the correct product — to that effect, we have a lot of options to offer potential customers such as vacant land, vacation homes, condominiums, and new or existing houses,” Johnson said.

It will be K.S.A.B.’s fourth real estate exhibition outside the province.
The company has been attending property exhibitions overseas since 2006.

“Over the past two years we have exhibited at three shows in Ireland and the UK,” Johnson said. “Going to Alberta will give us a presence in a new market.

“Our vendors expect us to promote their properties to new markets and they expect us to spend this kind of time and energy finding emerging markets for their real estate listings.
“Past shows have been successful. We are expecting more from this trip.”