CMHC Report: May Housing Starts for the St. John’s Area

June 8, 2011 · Filed Under CMHC Reports · Comment 

Housing starts in the St. John’s real estate market were flat during the month of May, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). May’s housing starts totaled 223 units throughout the St. John’s area compared to 215 units in May of 2010. There were ten additional starts recorded in urban centres outside the St. John’s area, for a total of 233 provincial urban housing starts. Year-to-date, urban starts are down 17 per cent, with 561 posted province-wide.
“Single-detached construction activity declined considerably in May, but was offset by a significant increase in multiple housing starts in the form of condos in St. John’s,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “The trend towards lower levels of construction activity continued, with the single-detached segment down 27 per cent compared to this time last year,” added Janes.
In urban centres across Canada, total housing starts recorded in May were down seven per cent to 15,025 units compared to 16,178 a year ago. Single-detached starts declined 23 per cent to 6,005 units, while multiple starts increased seven per cent to 9,020 units in May. In the Atlantic region, 848 new homes were started compared to 1,137 during May 2010.

A complete copy of the PDF report can be found here

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February Housing Starts for the St. John’s Area

March 8, 2011 · Filed Under CMHC Reports and St. John's Real Estate · Comment 

ST. JOHN’S, March 8, 2011 – Housing starts in the St. John’s real estate region decreased during the month of February, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC).

February’s housing starts totaled 52 units throughout the St. John’s area compared to 67 units in February of 2010. There were no additional starts recorded in urban centres outside the St. John’s area.
“New home construction activity took a breather during February, with starts down 22 per cent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is retreating from recent highs, growth in employment, income and population is expected to support the local housing market again this year,” added Janes.

In urban centres across Canada, total housing starts recorded in February were down seven per cent to 9,900 units compared to last year’s total of 10,637. Single-detached starts declined 27 per cent to 3,300 units, while multiple starts increased eight per cent to 6,600 units in February. In the Atlantic region, 269 new units were started compared to 453 units during February 2010.

The full CMHC press release can be found here

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CMHC: August Housing Starts in St. John’s Newfoundland

September 9, 2010 · Filed Under CMHC Reports · Comment 

ST. JOHN’S, September 9, 2010 – Urban housing starts increased during the month of August, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). August’s housing starts totaled 179 throughout the St. John’s area versus 151 starts in August of 2009. There were 18 additional starts recorded outside the St. John’s area, for a total of 197 provincial urban starts compared to 190 last August. Year-to-date, starts remain positive, with 1,177 recorded in the St. John’s region versus 1,026 last year.
“The number of new homes started in August is in line with the current forecast and the expectation that new home construction will slow over the remainder of 2010,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “New home demand was steady during the first half of 2010, but will taper off in the coming months, due to recent price growth and record high home prices,” added Janes. In urban centres across Canada, total housing starts increased 12 per cent with 14,253 recorded in August compared to 12,734 during August of 2009.

Throughout Atlantic Canada, there were 847 urban housing starts posted versus 907 the previous August, a decrease of seven per cent.

The full press release can be found here.

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CMHC St. John’s Area June Housing Starts

July 13, 2010 · Filed Under CMHC Reports, Market Trends and New Home Construction · Comment 

Urban housing starts increased during the month of June, according to preliminary data released by Canada Mortgage and Housing Corporation (CMHC). June’s housing starts totaled 232  throughout the St. John’s area versus 183 starts in June of 2009. There were  53 additional starts recorded outside the St. John’s area, for a total of  285 provincial urban starts compared to 230 last June. “The number of new homes started in June represents a significant increase compared to June 2009. Year-to-date starts are up 25 per cent within the St. John’s region,  with 822 starts recorded during the January to June period,” said Chris  Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Healthy economic and demographic trends have supported new home demand during the first half of 2010,” added Janes. In urban centres across Canada, total housing starts increased 31 per cent with 15,345 recorded in June compared to 11,686 during June of 2009. Throughout Atlantic Canada, there were 1,012 urban housing starts posted versus 904 the  previous June, an increase of 12 per cent.

Complete news release can be found here

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St. John’s Real Estate Market Posts Strong First Quarter in 2010

May 17, 2010 · Filed Under CMHC Reports, Market Trends and St. John's Real Estate · Comment 

Historically low mortgage rates, combined with strong economic and demographic trends, buoyed local demand for housing in the first quarter of this year.  January to March housing starts posted record results, while existing home sales and prices both continued to advance.

Overall, the St. John’s real estate market was supported by growth in  employment,  income and population, healthy consumer spending and on-going economic momentum spurred by the local oil sector.

Residential construction activity posted record results during the January to March period, due in part to an unseasonably mild winter.  New home prices also advanced in line with  the general market trend.  First quarter housing starts activity increased 15 per cent, with 246 starts versus 214 in 2009’s first quarter.  Single-detached starts increased by 23 units  or 20 per cent, with 199 starts recorded versus 166 during the first three months of last year.

The multiple starts segment was flat, with 47 starts during the quarter compared to 48 a year ago.  The only sub-market which reported increased construction activity was the St. John’s City submarket during the January to March period (104 starts compared to 88 a year ago), with Mount Pearl posting 15 starts versus 17 during 2009’s first quarter and Paradise recording 62 versus 65 a year ago.  Conception Bay South (CBS) recorded 22 starts in the first quarter, consistent with 2009’s first quarter while starts in Torbay remained flat after this first quarter with 14. In the remainder of the CMA, starts increased from eight in the first three months of 2009 to 29 this year.

Price growth continued, with the average new house price increasing in all submarkets. In fact, the average price of a new home surpassed the $325,000 mark in St. John’s City and the $350,000 mark in Torbay. Average sales price ($354,333) and average sales growth (26.4 per cent) were highest in the Torbay submarket of the St. John’s CMA. The average new single-detached house price for the overall St. John’s CMA increased nearly 20 per cent to a record $311,638 compared to $259,990 during the first quarter of 2009. CBS  posted the lowest average new house price of $248,328 during the quarter. Paradise had the second highest rate of new house price growth in the first quarter at 25.1 per cent to  $333,388.

Throughout the St. John’s area, approximately 47 per cent of all new construction activity fell within the $300,000 plus range during the quarter.  The largest growth in market share occurred in the $400,000+ segment.  Overall, new home price growth remained brisk throughout the quarter.

SOURCE: CMHC Housing Now St. John’s CMA

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Newfoundland Labrador 2010 Budget Highlights

March 29, 2010 · Filed Under Newfoundland Economy, Newfoundland Oil and Gas and St. John's General · Comment 

Economic Performance 2009

    • Real GDP declined 8.9%.
    • Employment fell by 2.5% and the unemployment rate increased to 15.5%.
    • Retail sales grew by 2.6% – the strongest performance in the country, with Newfoundland and Labrador being one of only two provinces to record sales growth.
    • Labour income increased by 4.2% – the second best performance among provinces.
    • Housing starts of 3,057; the second highest in 20 years.
    • Capital investment growth ranked fourth among provinces.
    • Personal income growth of 3.9% and disposable income growth of 4.7%.
    • Population of 508,925 as of July 1, 2009, an increase of 0.5% and the largest percentage increase since 1983.
    • Non-resident travel and tourism visitors increased 0.7% to 483,200 with expenditure growth of 1.4% to $375 million.
  • 2010 Economic Outlook
    • Real GDP forecast growth of 4.0%.
    • Employment growth of 2.3% to 219,900.
    • Unemployment rate forecast to decline 0.6 percentage points to 14.9%.
    • Personal income and disposable income growth of 3.9% and 3.3% respectively, aided by wage gains and employment growth.
    • Retail sales growth of 5.0%.
    • Increase in population of 0.5% due to positive net migration.
    • Capital investment expected to increase by 23.0% to $6.2 billion.
    • Housing starts expected to increase 1.5% to 3,102. Residential construction spending of $1.6 billion, an increase of 3.5%.
    • Value of mineral shipments expected to increase about 60%, to $3.1 billion.
    • Total overnight tourist visits expected to increase by 1.3%.

2010 Investments in Infrastructure

Funding for the Conception Bay South Bypass extension, Team Gushue Highway extension and completion of the Torbay Bypass;

2010 Investments in Diversification

More than $126 million in funding for initiatives under the Departments of Finance, Business and Innovation, Trade and Rural Development including:

  • $61 million in tax credits and incentives;
  • $11 million in the Regional/Sectoral Diversification Fund;
  • $2 million in the Aerospace and Defence Development Fund;
  • $1 million for the Innovation Enhancement Fund plus $1 million in the Commercialization Fund, both under the Innovation Strategy;
  • $1 million in the Oil and Gas Manufacturing and Services Export Development Fund as part of a two-year $3 million commitment;
  • $4.9 million under the five-year Oceans of Opportunity Strategy to advance the ocean technology sector; and
  • Other programs including the Small and Medium-sized Enterprise Fund, the Business Attraction Fund, and the Business and Market Development Program.

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2009 Urban Housing Starts in Newfoundland and Labrador

January 11, 2010 · Filed Under CMHC Reports, Market Trends, New Home Construction and St. John's Real Estate · Comment 

ST. JOHN’S, January 11, 2010 – Urban housing starts posted consistent results during the month of December, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC). December’s housing starts totaled 201 throughout the St. John’s area versus 202 starts in December of 2008. An additional 22 starts were recorded in other urban areas across the province, for a total of 223 provincial starts compared to 226 the previous December. For 2009, urban housing starts totaled 1,703 in the St. John’s area and 2,022 provincially.

“The local residential construction industry remained buoyant throughout 2009 and ended the year off just nine per cent compared to 2008’s record pace,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Despite weakness in the global economy in 2009, positive local economic and demographic factors continued to support stable residential construction activity within the St. John’s region, as well as in other urban centres across the province,” added Janes.
For Canada’s urban centres, total housing starts increased 17 per cent with 12,262 recorded in December compared to 10,488 during December of 2008. Single-detached starts increased 44 per cent to 6,222, while multiple starts of 6,040 represent a two per cent decline from a year ago. Throughout Atlantic Canada, there were 672 urban housing starts posted versus 574 the previous December, an increase of 17 per cent.

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