St. John’s Real Estate MLS housing market outlook for first quarter 2013

June 25, 2013 · Filed Under CMHC Reports, Market Trends, New Home Construction, Newfoundland Economy · Comments Off 

mls sales forecast st. john'sFor the St. John’s real estate market, starts for the first quarter of 2013 were 176.  133 of which was single detached.  Total starts declined 38.7% with only a 6.3% decline for single detached.The average MLS price for a home in the St. John’s Real Estate Market was $309,551 for the first quarter of this year. This is an increase of 4.3% from last year’s first quarter. MLS sales have decreased by 34.1% comparing the two quarters.

Below are some snippets from CMHC’s Housing Market Outlook – Atlantic Region

  • Hhousing-startsousing starts in Atlantic Canada increased close to 33 per cent in the first quarter as a result of a significant rise in multiple starts. Single starts were down close to 24 per cent.
  • Three of the four Atlantic provinces increased starts.  Newfoundland was the lone decliner of new home starts
  • Residential home starts declined 26% for Newfoundland
  • Housing starts in Atlantic Canada are expected to fall about 11% for 2013 and a further 6% for 2014
  • Multiple starts to fall 17% for 2013 and 12% for 2014 for the Atlantic provinces
  • MLS® prices in the first quarter of 2013 were up close to three per cent. The full-year forecast for 2013 is for an increase of two per cent with a further 2.3 per cent rise expected in 2014.
  • Sale were down close to 13% for the first quarter 2013
  • Newfoundland will have the best economic performance in Atlantic Canada in 2013 and 2014 in terms of GDP growth. 2.5% for 2013 and 1.5% growth in 2014.