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

April 8, 2014 · Filed Under CMHC Reports · Comment 

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 · Comment 

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

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)

October 2012 Housing Starts in St. John’s

November 8, 2012 · Filed Under CMHC Reports and St. John's Real Estate · Comments Off 

Housing starts in the St. John’s Real Estate market, Census Metropolitan Area (CMA) were trending at 2,260 units in October, 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 1,670 units in October, down from 2,122 in September.
After ten months, multi-family starts have risen substantially from the previous year,  contributing to the overall increase in total new home construction activity throughout the St.  John’s area. Favourable mortgage rates, income and employment growth, and positive migration flows  have supported housing demand in 2012,” 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 104 actual units in October compared to 111 units a year ago. Multiple starts totalled 42 actual units in October  versus 29 units in October of last year. Year-to-date total starts have reached 1,776 actual units, with 1,069 singles and 707 multiples. Overall, total starts this year remain 12 per cent ahead of last year’s pace.

St. John’s Real Estate Market update via CMHC

May 8, 2012 · Filed Under CMHC Reports and St. John's Real Estate · Comments Off 

Throughout the entire St. John’s real estate market, approximately 70 per cent of all new single-detached homes sold for more than $300,000 in the first quarter. The fastest growing segment of the market was in the $400,000 plus segment, which increased to 27 per cent of total new home sales from 20 per cent share a year ago.

Continued employment growth and a low interest rate environment in the quarter contributed to a marginal improvement in housing activity during the first quarter of 2012. New home construction and MLS® residential sales activity both increased compared to the first quarter of 2011. In terms of average house prices, growth continued in both the new and existing home markets. Overall, a strong local economy continued to support the St. John’s area housing market during the first three months of 2012.

Increased New Home Construction Activity

New home construction activity increased over last year throughout the St. John’s area during the first quarter and average prices advanced. Total housing starts were 287 versus 241 in 2011’s first quarter. There were only 142 single-detached starts, however, compared to 173 last year. This decline was offset by a sizeable increase in multiple starts, with 145 recorded during the first quarter compared to 68 a year ago. The multiple starts segment was led by 71 apartment condo starts and 64 apartment (basement) starts.  St. John’s real estate market had 164 starts versus 91 in 2011’s first quarter. Starts in Paradise increased 40 per cent, with 67 units versus 48 a year ago. Mount Pearl had ten housing starts compared to 20 during 2011’s first quarter; Conception Bay South (CBS) recorded 29 starts compared to 43 a year ago, for a decrease of 33 per cent; while housing starts in Torbay were down 77 per cent with three recorded compared to 13 during 2011’s first quarter.

The overall average new house price for the St. John’s real estate market was $354,438, an increase of 3.6 per cent compared to $342,113 recorded during the first quarter of 2011. Led by larger custom built homes, the average sale price was highest in Torbay at $425,751, up nine per cent. CBS posted an average new house price of $321,391 during the quarter, up 13 per cent; Paradise saw seven per cent decline to $338,745; Mount Pearl increased 13 per cent, with an average price of $304,574; St. John’s City posted an eight per cent increase to $374,473; while the remainder of the CMA decreased 1.6 per cent to $347,836.

MLS® Residential Market

There was a broader range of homes to choose from, with inventory up seven per cent in the first three months of the year. Listings remained on the market for an average of 73 days and average prices continued to show gains, with offers at approximately 98 per cent of asking price. For the St. John’s area, there were 1,664 new residential listings compared to 1,518 during the same period last year. Active listings averaged 1,622 this year versus 1,516 during the first quarter of 2011. The sales-to-active listings ratio indicated that 13 per cent of listings sold during the quarter compared to a similar
13.4 per cent during the same time last year.

MLS® Sales and Prices Increased

There was growth in both MLS® residential sales and prices during the first quarter. The number of MLS® sales increased 3.4 cent to 635 sales compared to 2011’s first quarter total of 614 units. The average MLS® residential price in the St. John’s CMA was 7.4 per cent higher than it was a year ago, at a record $277,698 compared to $258,668 during the first quarter of 2011. The average price continued to be supported by demand driven by local economic and demographic conditions.

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