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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. Whether buying, selling or relocating to Newfoundland put the successful Father and Son Realtors to work for you. Fraser and Stephen will show you the smart approach to buying and selling St. John's Real Estate.

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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.
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Newfoundland 2008 Budget Highlights

April 30, 2008 · Filed Under Local St. John's · Comment

The Newfoundland and Labrador Economy Highlights

Economic Performance 2007
- Real GDP increased by 7.9% driven by exports of oil and minerals and consumer and government sector spending.
- The unemployment rate fell to 13.6%, a reduction of 1.2 percentage points and the lowest rate in 26 years.
- Personal income growth of 4.3% and personal disposable income growth of 5%.
- Retail sales growth of 9.5%.
- Increased residential construction investment of 9.9% with 2,652 housing starts.
- Net in-migration of almost 2,000 people in last half of 2007.
2008 Expectations
- Real GDP forecast to decline by 2% due to lower offshore oil production.
- Capital investment expected to increase by 15%. Combined investment in oil and gas projects estimated to be $1 billion for 2008.
- Housing starts stable at 2,657 for the year.
- Employment expected to increase by 1.5%, adding another 3,300 jobs, and the unemployment rate is expected to decline to 12.4%, a further decrease of 1.2 percentage points.

Tags: housing, housing starts, investment, newfoundland, residential, unemployment

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

Tags: active listings, average MLS price, mortgage rates, multiple purchase offers, New MLS Listings, residential, sellers market, st. john's

Canadian building permits jumped in October

December 6, 2007 · Filed Under Market Trends and Monthly MLS Stats · Comment

RBC just released that Canadian building permits rose 6.8% in October, a much bigger increase than the consensus forecast for 0.7% rise and even faster than RBC’s estimate of a 3.5% gain. September’s level was revised higher and showed a 1.1% decline rather than the 1.7% dip in the preliminary report. The October increase put the level of permits closer to the record high levels recorded in May and June. Residential permits inched up 0.1% in October with higher permits for multi-units (+21.8%) largely offset by weaker demand for single-unit permits, which fell by 10.6%. Nonresidential permits rallied back, rising 19.3% after falling to a five-month low in September.