St. John’s Housing Market Records Stellar Second Quarter

August 8, 2008 · Filed Under St. John's Real Estate · 1 Comment 

Released from CMHC today

The St. John’s area housing market recorded a stellar second quarter, thanks to a bustling economy, positive net-migration and stable consumer confidence. These factors combined increased the level of demand for both new and existing homes throughout all municipalities within the region during the April to June period.  Strength in the existing homes market continued, while growth in residential construction activity was led by a surge in starts of single-detached homes. As expected, the positive momentum from last year’s Hebron and White Rose oilfield extension announcements, combined with favourable demographic and economic fundamentals, produced record second quarter results.

Although 2004’s record second quarter housing starts actually exceeded second quarter 2008 levels by 110 starts, demand for new homes from April to June was exceptional within the St.  John’s region. In fact, starts were limited only by builder capacity constraints due to a very tight labour market for skilled trades. In support of this, most new home contracts signed so far this year have been for completion as far as nine to 12 months out and include final price protection clauses for builders. Such high demand boosted residential construction activity throughout the St. John’s region during the second quarter and resulted in double-digit growth.

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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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Humidity in Your Home

December 18, 2007 · Filed Under Home Maintenance · Comment 

Humidity is the amount of moisture or water vapor in the air. You, your family, and your pets produce moisture when you breathe or perspire, when you are cooking, showering, bathing, doing laundry, and dish washing. We need humidity for our comfort and health. But too much or too little humidity can produce a host of difficulties for householders.

In our Newfoundland climate we are usually on the “too much humidity” side of the equation. Fortunately it can be controlled. I have been in my home for 4 years and each time I added more insulation, a new window, caulked and sealed around the outside of my house I noticed more condensation on my windows, a higher heat bill…opposite to what I expected. The problem was I was trapping in moist air.

Two months ago I installed an HRV (Heat Recovery Ventilator) and noticed remarkable changes. All new homes come equipped with an HRV but for those with older pre-existing homes I highly recommend having an HRV installed. You can also make simple changes in your family’s habits, such as remembering to open or close doors or windows, turning on exhaust fans in bathrooms or kitchens, to remove excess humidity.

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