Subscribe to the
St. John's Real Estate Blog RSS Feed and get the latest scoop in the St. John's Real Estate Market.
St. John's Newfoundland is one of North America’s oldest cities. Spectacular coastlines, panoramic views, outdoor adventure, rich history and culture await all who live here.
Stephen & Fraser Winters your RE/MAX real estate agents for St. John's. Buying, selling or relocating to St. John's Newfoundland? Put the successful Father and Son Realtor team to work for you. Fraser and Stephen will show you the smart approach to buying and selling St. John's Real Estate.
CONTACT US
STEPHEN 709.682.9045
FRASER 709.682.9245
Looking to buy a home in St. John’s? Relocating from another city to St. John's? Fraser and Stephen Winters are here to help you! Whether you are buying or selling, take advantage of our free St. John's real estate market reports and access to the St. John's area MLS.
Since Chevron signed the multibillion-dollar memorandum of understanding to develop the Hebron offshore oilfield project back in August 2007, St. John's real estate and surrounding areas have gained favorable optimism and increases in residential homes. Looking to sell you home for TOP DOLLAR? Contact Fraser and Stephen Winters for your free, confidential Home Market Evaluation
This real estate blog is written by Fraser & Stephen Winters. We both are full time successful top producing RE/MAX Realtors in St. John's, Newfoundland. The information contained on this website is from sources believed to be reliable. However, it may be incorrect. This information should not be relied upon without personal verification. We assume no responsibility for its accuracy. This information is not intended to solicit clients already under contract. For more information about us visit our website.
Looking for neighborhoods or school information for a particular street in St. John's or Mount Pearl? We can help you find the right neighborhood by browsing information on schools and property values and much more.
Interesting Real Estate links throughout Canada
- 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.
Newfoundland Real Estate Stats for March
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
The average price of a home in the St. John’s Real Estate market is now $205,040 compared to the provincial average of $188,111 YTD for 2009. Note this is for ALL Newfoundland (nlar.ca)
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
Canadian House Sales to rebound in 2010 says CREA
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.
(CREA 09/02/09)
mls.ca updating to REALTOR.ca
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.
MLS housing market more balanced in January
MLS® residential new listings in Canada’s major markets surged to a new record in January 2008, according to statistics released by The Canadian Real Estate Association (CREA). This made the MLS® resale housing market more balanced in January 2008 than at any other point in the past seven years.Seasonally adjusted MLS® sales activity edged 0.4 per cent lower from the previous month to 28,911 units in January. The small monthly decline reflects fewer sales in Toronto, Calgary, London & St. Thomas, Vancouver, St. Catharines, Halifax and Victoria, offset by a monthly rise in real estate activity in Winnipeg, Edmonton, Saskatoon, Regina, Newfoundland and Labrador, and Ottawa.
Seasonally adjusted transactions in January broke all previous monthly records in Regina and Saskatoon, and reached the second highest monthly level ever for Newfoundland and Labrador real estate.
Record level activity in Regina and Saskatoon made them the tightest major markets in January. The market also tightened in Saint John, Newfoundland and Labrador and Windsor compared to December levels, while becoming more balanced in all other major markets. Edmonton, Calgary and Windsor remain the most balanced major markets.
A more balanced market saw smaller price increases in some markets. The major market MLS® residential average price rose 8.6 per cent year-over-year to $325,183 in January 2008. This is the smallest year-over-year price increase since December 2006.
However, the average price reached new heights in a number of major markets in January, including Victoria, Saskatoon, Kitchener-Waterloo, London & St. Thomas, Sudbury, Ottawa and Saint John.
“The January MLS® reports again show how the Canadian housing market is different than the market in the United States,” says CREA President Ann Bosley. “CREA had expected the growth in average price to slow in 2008, which is reflected in many markets. Sales levels are returning to what we would consider, on an historical basis, as more normal activity.”
January Newfoundland Real Estate Stats
Total # of Listings [Jan] = 583 (Down 32% from January 2007)
Total # of Sales [Jan] = 266 (Up 53% from January 2007)
Number of Active Listings in the NLAR MLS System = 1902
Average Sale Price year to date = $170,552
Inventory is down again this month. With lots of buyers and lack of inventory, we are seeing most properties listed in St. John’s receiving multiple offers. CMHC might be classifying our market as balanced in their Newfoundland MLS Trends Report for the 4th Quarter, but we are clearly heading into a sellers market for the early part of 2008.
Here is a break down by area for the month of January for single family homes
St. John’s Real Estate: Listings = 76 Sales = 112 Sales/Listings Ratio = 68%
Average Sale Price: $185,886
Mount Pearl Real Estate: Listings = 18 Sales = 14 Sales/Listings Ratio = 78%
Average Sale Price: $173,200
Paradise Real Estate: Listings = 29 Sales = 15 Sales/Listings Ratio = 52%
Average Sale Price: $207,931
East Extern Real Estate: Listings = 21 Sales = 13 Sales/Listings Ratio = 62%
Average Sale Price: $177,123
Conception Bay Real Estate: Listings = 37 Sales = 15 Sales/Listings Ratio = 41%
Average Sale Price: $159,280
St. John’s MLS Trends for 4th Quarter 2007
MLS® Residential Sales Post Record Fourth Quarter
- MLS® sales surged 43 per cent to a record 1,326 units compared to last year’s fourth quarter sales of 926 units
- October, November and December MLS® sales were 475, 497 and 354, respectively
- Fourth quarter average MLS® residential house price jumped 11.4 per cent to a record $153,196 compared to $137,478 during the
fourth quarter of 2006
Resale Market Returned to Balanced Classification
- The current sales-to-active listings ratio trend and other factors combined, suggest the Market is heading quickly to a sellers classification and already has in some neighbourhoods
- Average time-on-market trended lower during the quarter and price growth was very strong
- A further firm reclassification to sellers will depend on first quarter 2008 results, but likely to occur based on current market trends
Active Listings Decline
- After climbing since 2003 and hitting a record high in July, active listings declined during the fourth quarter for the first time since the second quarter of 2004
- The supply of both new and active residential listings averaged 2,070 during the quarter compared to 2,216 a year ago
- New listings decreased 15 per cent, while active listings retreated 7 per cent compared to the fourth quarter of 2006
Click here for the full St. John’s MLS Trends Q4 2007 including graphs.
Recommended Real Estate Links
- Fraser and Stephen Winters
- Remax St.John's
- Terry Kelly
- St. John's MLS Listings
- Carter Home Designs
- St. John's Newspaper
- VOCM Local News
- CBC Newfoundland
- Eastern School District
- St. John's Weather
- St. John's Board of Trade
Real Estate Sites
- Search MLS.ca
- St. John's Listings
- Globe & Mail Real Estate
- Real Estate Blogs Directory
- Canadian real estate
- Home Builders Association
- Atlantic Home Warranty
- Homeplus Online
Recent Entries
- CMHC Reports St. John’s Area February Housing Starts
- Investment property near CONA, MUN and Marine Institute – 156 Higgins Line
- New Listing near Memorial University and Avalon Mall – 12 Keane Place
- Newfoundland Real Estate MLS Stats February
- Low inventory levels set stage for heated Spring market says RE/MAX
- Protect, Maintain and Enhance the value of your home with HouseLogic
- Kirkland Balsom St. John’s Real Estate Market Overview 2010
- Changes made to Canadian Mortgages
- Interesting Real Estate links throughout Canada
- New home for sale in St. John’s East End 28 Cambridge Ave
Mortgage Rates
