A Little Real Estate humor

June 24, 2008 · Filed Under Real Estate Humor · Comment 

In the mist of the busy real estate in St. John’s this June I have slipped away from my blog postings.  I have learned in busy times it’s good to maintain some humor throughout the day.  Here are some “corny” quick laughs.

- Realtor sign–We have “lots” to be thankful for.

- I listed a maintenance free house. In the last 25 years there hasn’t been any maintenance.

- (Q) Did you hear about Robin Hood’s house? (A) It has a little John.

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MLS Trends St. John’s First Quarter

April 17, 2008 · Filed Under First Time Buyers, Market Trends, Monthly MLS Stats, St. John's Investments and St. John's Real Estate · 1 Comment 

MLS Residential Sales Post Solid First Quarter

  • MLS® residential sales increased 14.3 per cent to 713 units compared to last year’s first quarter sales of 624 units
  • January, February and March MLS® sales were 236, 238 and 239, respectively and were held back by a lack of active listings
  • Driven by low inventory, the first quarter average MLS® house price jumped 13.6 per cent to a record $156,953 compared to $138,167 during the first quarter of 2007

Resale Market Classified as Sellers

  • The resale market headed quickly to a sellers classification last Fall and remained there throughout the first quarter of 2008
  • Average time-on-market trended lower during the quarter, strong price growth continued and many choice properties enjoyed multiple purchase offers
  • Current trends indicate the market will favor sellers once again during the second quarter, but an expected improvement in active listings may provide some relief for buyers

Active Listings Remained Low

  • After falling nearly a half by January, active listings rebounded slightly during February and March, but remained low, restricting unit sales growth accordingly
  • The supply of active residential listings averaged approximately 1,150 during the first quarter compared to almost double that number at 2,100 a year ago
  • First quarter new listings were near last year’s first quarter level of 1,600, while active listings retreated 45 per cent compared to the first quarter of 2007

Mortgage Rates to Remain Low

  • With U.S. recessionary pressures continuing, the Bank of Canada is widely expected to cut rates 50 basis points by June 10th
  • Accordingly, mortgage interest rates are expected to remain low in 2008 and start to creep higher in 2009 as investors gain more confidence in financial markets
  • One and five-year mortgage rates are forecast to be in the 6.25-7.25 and 6.50-7.50 per cent range, respectively, in 2008 and beyond

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No Provincial Economy Immune from US malady

April 3, 2008 · Filed Under Market Trends and St. John's Real Estate · 1 Comment 

RBC released it’s Provincial Outlook today and is quite clear “no provincial economy immune from US malady”.

The tone for the report is caution throughout most sectors including labour, housing, exports and Canadian dollar.

Saskatchewan is expected to be the growth leader in 2008 as its economy benefits from strength in energy, mining, and agriculture. Newfoundland is expected to be the laggard as waning oil production weighs on its growth.

Housing affordability is poised to improve across the country this year on the back of falling mortgage rates and cooler house price gains. House price growth is expected to move into the single-digit range in almost every province by year-end. This contradicts Remax’s 2008 house price increase for St. John’s but is in line with CMHC’s report.

Saskatchewan will continue to benefit from last year’s in-migration surge in 2008 before housing activity simmers down in 2009. Every province except Saskatchewan is likely to see a decline in new home construction in 2008.

Saskatchewan — The new provincial growth leader
We expect Saskatchewan to be Canada’s top growth performer this year, coming in at 3.6% in 2008 and 3.2% in 2009. Saskatchewan and Manitoba have become the new ‘it’ provinces with hot housing markets, big capital spending plans and tight labour conditions. Saskatchewan now ranks number-one across all key housing indicators that we track. House prices became overvalued in a very short time and it is likely only a matter of months before a decelerating trend sets in to bring markets back closer in line with underlying fundamentals. The cool down is likely to be similar to what is currently going on in Alberta. On the business side, however, Saskatchewan has more upside potential than Alberta. Saskatchewan benefits from strong export volumes and high prices for oil, uranium, potash and grains. A surge in migration inflows confirm that these strengths are being noticed. The unemployment rate (4%) is holding at its lowest rate in 25 years and skilled labour shortages are a growing concern. Labour shortages are supporting the fastest wage growth in the country.

Newfoundland and Labrador — Waning oil production
Newfoundland topped the growth charts last year — growth is expected to have come in at about 9% — but is set to slip to last place in 2008 as oil production declines. Offshore oil production is expected to drop 15% in 2008 as all three oil producing fields face falling production volumes. Prospects for expansions at existing oilfields leave the door open for upside potential in the early part of the next decade. Potential projects include the Hebron development, the Hibernia Southern Extension and an expansion at White Rose. The province’s mining sector (mostly made up of nickel and iron ore) is offsetting some of the weakness on the oil front. Iron ore prices have soared by 66% since 2007 and are expected to keep the value of shipments at an elevated $4 billion in 2008 for a second consecutive year.

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December Real Estate Newsletter

December 5, 2007 · Filed Under Monthly MLS Stats, Real Estate Newsletter and St. John's Real Estate · Comment 

December is upon us, and although winter is not officially here yet, we had a nice taste of it the past few days. Typically a slower real estate month, with Christmas on the horizon, this December the St. John’s real estate market is booming. 2-apartment homes are in high demand once again and the market is certainly looking prosperous for 2008. Current mortgage rates are still at comfortable levels. The average price for a home in St. John’s for November was $167,955 with a 2007 average of $168,528 up from $156,022. (Average price for all areas in the Newfoundland and Labrador Real Estate Board is $148,150 year to date)

December Newsletter Fraser and Stephen Winters - Remax

Remember, we’re never to busy for your referrals!

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