Newfoundland Real Estate housing starts up again

July 10, 2008 · Filed Under Real Estate Articles and St. John's Real Estate · Comment 

Released from CMHC Housing Now publications, the starts press release for Newfoundland and Labrador.

Provincial urban housing starts were up during the first half of this year, despite a slight decrease during the month of June, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). June’s total housing starts dipped seven per cent, with 212 posted within the province compared to 228 a year ago. A total of 172 of the 212 starts were within St. John’s metro versus 180 last June.

Year-to-date, there have been 738 new homes started across the province versus last year’s total of 623 homes, an increase of 18 per cent. A total of 628 of these starts occurred within St. John’s metro, for a year-to-date increase of 20 per cent.

“The demand for newly built homes remains very high within the local housing market and the solid increase in housing starts during the first half of this year was driven by a low level of existing homes for sale,” said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador. “With a buoyant economy and positive net migration, tight market conditions are expected to continue and strong demand for housing will drive prices higher throughout the second half of 2008,” added Janes.

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Newfoundland Housing Starts Soar in May

June 9, 2008 · Filed Under Market Trends and St. John's Real Estate · Comment 

Newfoundland urban housing starts soared during the month of May, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). May’s total housing starts soared 49 per cent, with 230 posted within Newfoundland compared to 154 a year ago. A total of 224 of the 230 starts were within St. John’s metro versus 124 last May, a record increase of 81 per cent.

Year-todate, there have been 471 new homes started across the province versus last year’s total of 395 homes during the same period. A total of 456 of these starts occurred within St. John’s metro, for a year-to-date increase of 33 per cent.

“With pent-up demand for newly built homes within the local housing market, May’s notable increase in housing starts is an example of the impact that a limited supply of current listings available for sale can have on residential construction activity,” said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador. “With a buoyant sellers market, the current supply of active listings is approximately 50 per cent lower than a year ago, so buyers are shifting to new homes, simply because they cannot find a suitable existing home in the resale market,” added Janes.

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Newfoundland 2008 Budget Highlights

April 30, 2008 · Filed Under Local St. John's · Comment 

The Newfoundland and Labrador Economy Highlights

  • Economic Performance 2007
    • Real GDP increased by 7.9% driven by exports of oil and minerals and consumer and government sector spending.
    • The unemployment rate fell to 13.6%, a reduction of 1.2 percentage points and the lowest rate in 26 years.
    • Personal income growth of 4.3% and personal disposable income growth of 5%.
    • Retail sales growth of 9.5%.
    • Increased residential construction investment of 9.9% with 2,652 housing starts.
    • Net in-migration of almost 2,000 people in last half of 2007.
  • 2008 Expectations
    • Real GDP forecast to decline by 2% due to lower offshore oil production.
    • Capital investment expected to increase by 15%. Combined investment in oil and gas projects estimated to be $1 billion for 2008.
    • Housing starts stable at 2,657 for the year.
    • Employment expected to increase by 1.5%, adding another 3,300 jobs, and the unemployment rate is expected to decline to 12.4%, a further decrease of 1.2 percentage points.

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Urban Housing Starts Soar in November

December 10, 2007 · Filed Under Market Trends, Monthly MLS Stats and St. John's Real Estate · Comment 

Newfoundland housing starts soared in November, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). November’s total housing starts soared 33 per cent, with 189 posted across provincial urban centres versus 142 a year ago. Of the 189 starts, 177 occurred within the St. John’s real estate metro area compared to 121 last November, an increase of 46 per cent. To date, provincial urban housing starts total 1,631, up 18 per cent over the first eleven months of 2006. “November’s total urban housing starts mark six consecutive months of sustained growth in residential construction compared to the same period last year,” said Chris Janes,
Senior Market Analyst with CMHC in Newfoundland and Labrador. “Solid demographic and economic fundamentals paired with high consumer confidence, continued to drive the demand for newly built homes during the month,” added Janes. For Canada’s urban centres, total housing starts fell five per cent to 17,077

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