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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
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October Newfoundland Real Estate MLS Stats
The monthly Newfoundland Real Estate MLS housing price break down is showing a 1% decrease in listings this month and an increase of 21% in home purchases. Year to date, listings are up slightly by 1% and sales up 14% compared to this time last year. Interestingly, the total dollar value in sales was up 47% for the month of October.
Total # of New MLS Listings [Oct] = 764
Total # of Sales [Oct] = 636
Number of Active Listings in the NLAR MLS System = 2595
The average price of a home in the St. John’s Real Estate market is now $187,636 year to date for 2008. Compared to $167,847 YTD for 2007. Remember this is for ALL Newfoundland (nlar.ca)
Here is a break down by area for the month of October
St. John’s Real Estate: Listings = 186 Sales = 136 Sales/Listings Ratio = 73%
Average Sale Price: $202,896
Mount Pearl Real Estate: Listings = 15 Sales = 17 Sales/Listings Ratio = 113%
Average Sale Price: $186,612
Paradise Real Estate: Listings =31 Sales = 36 Sales/Listings Ratio =116%
Average Sale Price: $234,681
East Extern Real Estate: Listings = 28 Sales = 32 Sales/Listings Ratio = 114%
Average Sale Price: $219,193
Conception Bay Real Estate: Listings = 47 Sales = 40 Sales/Listings Ratio = 85%
Average Sale Price: $231,552
Are we seeing a slow down in the Newfoundland real estate market?
The stats for the past few months have shown significant price gains in the St. John’s real estate market. However, the past few weeks we’ve been noticing a slow down in activity. The stats of course have not be tallied at this point, but it will be interesting to see if this is a trend or a simple lull in the market.
Typically this time of year the real estate market slows a little. We normally see a quieter October, ramping up in November and then slowing as we near Christmas time.
The month of October brought fear throughout most of North America, if not the world. With the stock market tumbling, prime lending rate dropping, rumors of a recession, the cost of oil dropping (currently sits at $64.72 as I write this) and the removal of the 40 year, 100% financed mortgage. Quite the exciting month.
Have the effects of this past months news slipped into our real estate market? Most of the real estate markets throughout Canada have been in a slight decline. (Check out Maggie Chandler’s post on what Canadian cities housing prices are up and what ones are down)
Are we slowing into this trend or are we just seeing a normal yearly slow down?
Average Housing Price Lower across Canada
Average price of a home in Canada fell by 6.2 per cent since last year to an average of $315,461. It was the fourth straight month in which prices fell on a year-over-year basis.
It appears that there are still pockets of real estate markets across Canada that are still booming. However price declines in some of Canada’s more expensive housing markets will far outweigh further price gains in other markets (ie St. John’s Real Estate market)
Calvin Lindberg, CREA president says “Informed buyers and informed sellers look at the facts. And the facts right now indicate the real estate resale market is stabilizing in many markets.”
“There have also been a number of initiatives that will have an impact going forward, including the government’s decision to invest $25 billion in insured mortgage pools, the recent drop in the Bank of Canada rate, and the new rules reducing the maximum amortization to 35 years instead of 40,” the CREA President adds. Those new mortgage rules go into effect October 15th. “The third quarter MLS® statistics and these developments are more factors showing the Canadian market is not following U.S. housing trends.”
September Newfoundland Real Estate Stats
The monthly Newfoundland Real Estate MLS housing price break down is showing an increase of 6% in listings this month and an increase of 27% in home purchases. Year to date, listings are up 1% and sales up 13% compared to this time last year. Properties sold in St. John’s in the $180,000 to $350, 000 range have doubled in number of units sold.
Total # of New MLS Listings [Sept] = 834
Total # of Sales [Sept] = 606
Number of Active Listings in the NLAR MLS System = 2587
The average price of a home in the St. John’s Real Estate market is now $183,929 year to date for 2008. Compared to $165,813 9YTD) for 2007. Remember this is for ALL Newfoundland (nlar.ca) Prices are closer to the $200,000 average in St. John’s, Mount Pearl and surrounding areas.
Here is a break down by area for the month of September for single family homes
St. John’s Real Estate: Listings = 178 Sales = 122 Sales/Listings Ratio = 67%
Average Sale Price: $192,575
Mount Pearl Real Estate: Listings = 21 Sales = 24 Sales/Listings Ratio = 114%
Average Sale Price: $177,445
Paradise Real Estate: Listings =52 Sales = 32 Sales/Listings Ratio = 61%
Average Sale Price: $210,327
East Extern Real Estate: Listings = 43 Sales = 25 Sales/Listings Ratio = 54%
Average Sale Price: $219,413
Conception Bay Real Estate: Listings = 41 Sales = 41 Sales/Listings Ratio = 100%
Average Sale Price: $197,360
Canadian Real Estate - Hot or Not
If you’ve read the national papers or follow the national TV news programs in the past few days you’ll hear lots of doom and gloom for the Canadian Real Estate sector. While indirectly comparing to the US, but not quite as bad, economists are predicting a pull back (as seen in some cities already) and we have not yet seen a bottom.
In contrary…..the Newfoundland real estate market is expected to flourish. Will our future follow the same faith? Toronto Real estate and Vancouver condo prices boomed long before St. John’s Real Estate prices. Are we just lagged behind by 3 - 5 years?
Here are 3 articles on the differences of opinions regarding Real Estate in Canada.
Real Estate Reporter Lori Mcleod with Globe and Mail dicsusses “Housing market at risk, economist warns”
Globe and Mail writes about: Canada could face housing woes, Merrill warns
VOCM.com says
A new survey shows high-end housing in the St.John’s region is the most
expensive in Atlantic Canada, and even tops the average sale price in
Montreal. This survey looked at the average price for a typical executive
home. The Coldwell Banker survey of September 3rd pegs the average sale
price in metro at $308,000. That’s about $35,000 more than a house in Halifax
or Moncton, and $55,000 more than a house in Montreal. The least expensive
market in Atlantic Canada is Charlottetown, where the average price is
$157,000. Prices in St.John’s have gone up by 32 per cent over the past
year. Only one market in the country among those surveyed saw a larger
increase: Saskatoon at 50 per cent. A booming economy on the northeast
Avalon is primarily responsible.
Herbon Announcement Set for Tomorrow
The day has finally arrived. All newspapers and local websites are anticipating a formal announcement tomorrow from Premier Danny Williams giving the thumbs up for Hebron. Good timing seeing that the deadline for the agreement was slated to expire on Thursday.
The breakdown in ownership is Chevron Corp. which owns 28 per cent, Exxon Mobil Corp. the largest shareholder with 37.5 per cent, Petro-Canada and Norway’s state-owned StatoilHydro ASA own the rest. The province of Newfoundland will receive a 4.9 per cent equity stake in the project.
So far this year St. John’s Real Estate has jumped about 20% with a projected 15% increase in 2009. In the beginning of the year CHMC went on record saying 7 - 8% increase in housing prices while Remax was deemed highly optimistic with their 12% projection for 2008.
With this impending news release, how will the real estate market react? When will the oil companies start moving people into the St. John’s and start buying up properties? Is too much of a good thing too fast good for Newfoundland Real Estate?
Homesplus Online, mls.ca or Google Search
With the increase in photos and virtual tours for MLS listings for sale, long gone are the days where a buyer has to drive around the neighbourhood searching for a home for sale. Most buyers start their home search online months before actually contacting a Realtor to view an MLS listing. Where do they start? What would be the first website they visit?
The 3 big websites that pop into my mind are
Homesplus Online - www.homesplus.nf.net
mls.ca - now updated to realtor.ca
Google Search Engine - keywords “st. john’s real estate” or “newfoundland real estate” your choice of keywords
Of course with the last choice you have the ability to search deeper into individual Realtor websites. This one can also lead you to sites that have nothing to do real estate at all.
What online real estate resources do you use? Homesplus Online and mls.ca are fairly similar in data…..what one do you find easier to navigate?
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
- Home Builders Association
- Atlantic Home Warranty
- Homeplus Online
Recent Entries
- New Subdivision in Pleasantville
- Vacancy Rate in St. John’s Decreases
- St. John’s Fall Housing Market
- Canada Real Estate News Roundup #2
- October Newfoundland Real Estate MLS Stats
- Are we seeing a slow down in the Newfoundland real estate market?
- St. John’s Housing Starts Increase in September
- New listing in Paradise - 154 Elizabeth Drive
- Canadian Real Estate News Roundup
- Sellers Market in St. John’s Keeps Active Listings Down
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