Total # of Sales [Feb] = 248
Number of Homes For Sale in Newfoundland = 3542
Here is a break down by area for the month of February:
St. John’s Real Estate: Listings = 147 Sales = 56 Sales/Listings Ratio = 38%
Average sale price for a home in St. John’s: $380,679 for the month of February and the 12 month average $314,559
Mount Pearl Real Estate: Listings = 19 Sales = 6 Sales/Listings Ratio = 32%
Average Sale Price (12 month average): $266,255
Paradise Real Estate: Listings =43 Sales = 24 Sales/Listings Ratio =40%
Average Sale Price (12 month average): $330,015
East Extern Real Estate: Listings = 32 Sales = 11 Sales/Listings Ratio = 34%
Average Sale Price (12 month average): $343,950
Conception Bay South Real Estate: Listings = 40 Sales = 12 Sales/Listings Ratio = 30%
Average Sale Price (12 month average): $289,851
Don’t forget to contact us for a free market evaluation on your home.
**SOLD** 33 Pearson Street is conveniently located in the east end of St. John’s in a great neighborhood. Three bedroom duplex with many recent upgrades including kitchen counter top, vinyl windows, bathroom, laminate flooring and colonial doors. Some basement development started with lots of potential. Main floor has hardwood on living and dining room. There is a breaker electrical panel and hot water radiation baseboard heating. The lot is deep with a southern exposure, mature trees and there access to back yard for a possible garage or shed. Close to all amenities. Minutes from Downtown St. John’s and Stavanger Drive. MLS: 184522
Asking price is $239,900 REDUCED: $219,900. Call Fraser or Stephen Winters for more information.
26 Irshtowm Road is ready for immediate occupancy and fully furnished. Enjoy the famous Blueberry Festival from the comfort of your own beautiful surroundings in Brigus. This character home is well-loved and appreciated by its owners who have respectfully restored and renovated with careful attention to its authenticity and beauty. This house has many features such as four bedrooms, large country kitchen, propane fireplace, electric heat, a babbling brook, nice garden with stately mature trees, lots of the famous Brigus rock, municipal services and minutes walk to centre of town and the ocean. New Torched on roof in April 2012. Has to be seen to be truly appreciated! Call or email Fraser or Stephen Winters for more information. MLS: 179791
Asking price is $179,900 REDUCED: $169,900
*** SALE PENDING*** Lots of recent upgrades in this well cared for five bedroom bungalow. New vinyl windows, refinished hardwood floors, new laminate flooring throughout most of property. Three bedrooms on the main floor and two in the basement. A spacious family room with propane fireplace and patio door access to large deck. Basement is fully developed with large rec-room which includes a wood burning fireplace and wet bar. Two full bathrooms (one on each floor). Two separate driveways. Landscaped and fenced. Property was once a registered 2-apt home. 195 Canada Drive. MLS: 178259 Asking price:$249,900 Call Fraser or Stephen Winters for more information.
This was released today from CREA.
The MLS® Home Price Index, the leading measure of Canadian home prices, continued rising in February 2012, according to statistics released today by The Canadian Real Estate Association (CREA). Year-over-year comparisons continued shrinking, providing further evidence that Canadian home price growth may be topping out.
• The Aggregate Composite MLS® Home Price Index in February 2012 was up 5.1% from its year-ago level, the smallest increase since June 2011.
• Toronto posted the largest increase (7.3%), but momentum continued fading. Price increases also moderated further in Calgary (2.5%) and Montreal (1.6%).
• Gains decelerated in all housing categories tracked except 2-storey single family homes.
• The Aggregate Composite MLS® Home Price Index rose 1.1% on a month-over-month basis in February 2012.
• Prices were up most for 2-storey single family homes (1.6%), while townhouse/row and apartment units saw smaller gains (0.4% & 0.5% respectively).
The MLS® Home Price Index in February 2012 was up 5.1 per cent from levels in February 2011. The increase was the smallest since last June, and marked the fourth consecutive month in which gains slowed.
“MLS® HPI trends for February show that home price growth is generally slowing,” said Gary Morse, CREA President. “At the same time, price gains and trends differ among housing markets tracked by the index. Since all real estate is local, buyers and sellers should talk to their local REALTOR® to best understand how home price trends are shaping up where they live.”
The MLS® HPI remained above its year-ago level in all five of the markets tracked, led by Toronto (7.3 per cent). It also remains above year-ago levels in all housing categories tracked, led by two storey single family homes (6.9%).
The MLS® Home Price Index rose 1.1 per cent in February 2012 as compared to January. “The index typically rises in February from the previous month as demand ramps up leading into the spring housing market,” said Gregory Klump, CREA’s Chief Economist. “The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing.”
Among housing categories tracked by the index, single family homes posted the biggest month-over month gains in most markets, particularly in Toronto where they are in short supply relative to strong demand.
CHMC just released their latest housing report for the St. John’s Newfoundland Real Estate Market. The Fourth Quarter 2010 edition of CMHC’s Housing Now – Major Centres – St. John’s can be accessed by clicking on the link below. http://www.cmhc-schl.gc.ca/odpub/esub/64199/64199_2010_Q04.pdf or I have some clips of the report outline below.
“Recent price growth and an increasing supply of unsold homes had a cooling effect on the St. John’s housing market during the third quarter, despite growth in population, income and employment. During the July to September period, new home construction activity declined slightly, while resale market activity remained mixed, with sales declining and average
price advancing. From an overall historical perspective, the St. John’s area housing market was strong, but recent record housing market activity went unmatched in the third quarter.
Resale Market Favoured Buyers
Fewer sales and increased inventory,positioned the market as buyers during the third quarter. In terms of resale market dynamics, buyers had a broader choice of available homes and some sellers were forced to reduce the asking price on their properties as the market shifted. Available inventory increased approximately 16 per cent in the quarter (23 per cent in August) and listings remained on the market for an average of 61 days, while prices continued to show gains over the July to September period of 2009. Despite higher inventory, offers came in at approximately 98 per cent of asking price. For the St. John’s area, there were 1,785 new residential listings during the third quarter compared to 1,795 during the same period in 2009.
Active listings averaged 1,796 a month during the quarter, versus 1,548 a month during the third quarter of 2009. The sales-to-active listings ratio averaged 20 per cent during the quarter compared to 26 per cent during the same period in 2009, resulting in buyers’ resale market conditions.
MLS® Sales Declined, Prices Advanced
With fewer sales of existing homes and higher inventory available throughout the St. John’s area during the third quarter, the average MLS® residential price showed little change compared to the second quarter, but continued to advance compared to the same period last year. It reached another record level in the quarter peaking at $262,316 in the month of August. The number of MLS® sales declined 11 per cent with 1,069 sales compared to 2009’s third quarter sales of 1,197 units. The average MLS® residential price in the St. John’s CMA was 15 per cent higher than it was a year ago. Despite tepid sales activity during the July to September period, the average MLS® residential price climbed to $255,496 compared to $221,253 during the third quarter of 2009. The average price appears to have stabilized around the $250,000 level, as the recent momentum has begun to wane. The relative strength in the average MLS® residential price continued to be supported by positive economic conditions, as well as higher priced newly built home sales going through the MLS® system in the third quarter.
At the provincial level, there were 1,323 MLS® sales compared to 1,504 in the third quarter of last year. The average MLS® residential price in Newfoundland was $238,285 during the July to September period – an increase of 15 per cent.“
- The First Quarter 2010 edition of CMHC’s Housing Now – Major Centres – St. John’s is now available and can be accessed by clicking here
- Ottawa to make changes to mortgage rules that would require banks to consider whether a person who takes out a variable-rate mortgage on a home can continue to make the payments if were to go up significantly
- The much heated topic of the week (from a REALTOR’s point of view) is the Competition Bureau’s attack on the Canadian Real Estate Association (CREA) and its Multiple Listing Service (MLS). Check out this Globe and Mail article by Stephen Ladurantaye – What’s a stake in Competition Bureau’s MLS fight.
- TheScope.ca writes about the proposed new 15-storey Fortis building will look like in downtown St. John’s. Complete with actual photo’s of the building courtesy of Fortis.
- How will the 2010 Winter Olympic’s effect the Vancouver Real Estate Market? A very interesting read.
- Is a Real Estate Bubble forming in Canada? Check out BNN’s Squeezeplay as they interview Don Campbell and discuss.
It’s been an interesting 1st quarter for the Real Estate in Newfoundland. The sky has not fallen in the St. John’s real estate market like the media and public were anticipating. The average price for a home in St. John’s edged slightly higher (currently at $205,040 for a 12 month period). Listings have increased in number as have the number of sales for the month of March.
Mortgage rates are at all time lows. (4.15% for a 5 year term seems to be the norm at the time of posting). Variable rates have dropped considerably in the past year. The variable mortgage rate was close to 6% middle of last year compared to 3.25% now.
This month, Newfoundland’s Real Estate MLS housing price break down is showing a 2% increase in sales while there was 789 new listings, an increase of 17% from last year. Majority of the sales showing were in the $200,000 to $350,000 price bracket once again.
Total # of MLS Listings [Mar] = 789
Total # of Sales [Mar] = 266
Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2658
Here is a break down by area for the month of March
St. John’s Real Estate: Listings = 148 Sales = 83 Sales/Listings Ratio = 56%
Average Sale Price: $219,257 for the month of March
Mount Pearl Real Estate: Listings = 21 Sales = 11 Sales/Listings Ratio = 52%
Average Sale Price: $198,959
Paradise Real Estate: Listings =43 Sales = 24 Sales/Listings Ratio =56%
Average Sale Price: $235,156
East Extern Real Estate: Listings = 32 Sales = 13 Sales/Listings Ratio = 41%
Average Sale Price: $202,407
Conception Bay South Real Estate: Listings = 47 Sales = 19 Sales/Listings Ratio = 40%
Average Sale Price: $184,753
In a new release from CREA earlier this month, Canadian house sales are expected to decline in 2009 but rebound back in 2010. The full news release is below.
National MLS® home sales activity is expected to decline in 2009 before rebounding in 2010, according to a new residential housing forecast prepared by The Canadian Real Estate Association.
National MLS® home sales activity declined 17.1 per cent in 2008, and MLS® sales activity is forecast to fall an additional 16.9 per cent to 360,900 units in 2009. This would be the lowest level for national sales activity since the year 2000. Sales activity is expected to decline from levels set in 2008 in every province, led by declines in British Columbia, Alberta and Ontario.
National MLS® home sales activity is forecast to rebound by 9.9 per cent to 396,600 units in 2010, marked by an acceleration in activity in the second half of that year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta.
New listings on the MLS® systems of real estate Boards in Canada have been trending steadily lower since peaking in the second quarter of 2008, and that trend is forecast to continue. It is that combination of rebounding sales activity and fewer new listings that will stabilize the MLS® resale housing market in 2010.
“We are caught in a cycle where consumer confidence has been eroded because of job losses, and consumer confidence is an essential ingredient for housing sales activity,” says the President of The Canadian Real Estate Association, Calvin Lindberg of Vancouver. “And housing activity helps creates jobs.”
“The essential selling ingredients in today’s market are realistic pricing, marketing, and preparation. There are potential buyers making inquiries, but the barrage of economic news makes them much more cautious than before.”
The MLS® sales forecast developed by CREA Chief Economist Gregory Klump shows that fewer transactions in some of Canada’s more expensive housing markets, combined with reduced asking prices, will continue to put downward pressure on average MLS® sale prices.
The national MLS® average home price is forecast to decline eight per cent in 2009, with prices down most in Western provinces and Ontario. By contrast, the average home price in Newfoundland & Labrador is forecast to rise 4.8 percent in 2009. Prices are forecast to stabilize in 2010, with annual price increases of one per cent or less in five provinces.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price is forecast to decline 6.4 per cent in 2009, and hold steady in 2010.
“Increasingly cautious homebuyers and mortgage lenders means that active listings will take longer to sell in 2009 compared to previous years,” said CREA Chief Economist Gregory Klump.
“The national housing market is recalibrating due to weak sales activity,” said Klump. “Supply will take time to adjust to lower demand, but sellers unwilling to accept offers below their expectations will remove their home from the market,” he added. “Fewer active listings reduces buyer choice, and in time puts a floor under prices,” CREA’s Chief Economist added.
Click here for the full PDF version of this news release.
On May 28th, 2008, MLS.ca will be introducing some new features to the web site on behalf of REALTORS® across Canada. The result will be an even better real estate resource, with more information about the properties displayed on the site.
The first change will be the introduction of interactive mapping. You’ll be able to use Microsoft Virtual Earth software on the site to determine your search area, and to determine where a property is located. Interactive mapping will make it much more convenient to search traditional neighbourhoods or a specific region.
The web site will also have a new streamlined text search. You’ll be able to input your initial search criteria without all of the details of an Advance Search. The site will still offer the detailed or Advance Search option, but also has a streamlined text version to make looking for properties even more convenient.
There will be a new look, or design. The traditional REALTOR® map is still a key part of the web site, but the new layout will make it easier to look for properties and information.
And there will be a new address – www.realtor.ca Don’t worry, you don’t have to memorize it. You’ll automatically be redirected to the new address even if you input our old one.