Newfoundland Real Estate January

February 4, 2010 · Filed Under St. John's Real Estate · Comment 

Well the first month of the year has past.  Personally I find January the slowest month of the year for real estate,  but this year was a little different.  Inventory levels of homes for sale in St. John’s and surrounding areas seem to be very low.  On the flip side there are lots of buyers.   I’ve been involved in a few multiple offer situations so far this year and have heard from other Realtor’s that they too have been involved in multiple offers.  As well, I’ve seen a fair number of homes sold within 24 to 48 hours from being listed on MLS.  Based on CMHC’s stats from ‘Newfoundland MLS Trends for 4th quarter of 2009‘ we ended 2009 in a sellers market.  I feel this trend will continue into the better part of the summer.  When the Bank of Canada increases it’s interest rates we’ll probably see a little pull back in sales.

Total # of new MLS Listings [Jan] =615 (based on residential stats)

Total # of Sales [Jan] = 240

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2458 (residential only)

Here is a break down by area for the month of January

St. John’s Real Estate: Listings = 155   Sales = 89 Sales/Listings Ratio = 57%

Average Sale Price is St. John’s: $271,674 for the month of October and the 12 month average $237,988

Mount Pearl Real Estate: Listings = 21 Sales = 3  Sales/Listings Ratio = 14%

Average Sale Price (12 month average): $218,729

Paradise Real Estate: Listings =28 Sales = 21 Sales/Listings Ratio =75%

Average Sale Price (12 month average): $269,242

East Extern Real Estate: Listings = 40 Sales = 15  Sales/Listings Ratio = 38%

Average Sale Price (12 month average): $259,029

Conception Bay South Real Estate: Listings = 34   Sales = 18  Sales/Listings Ratio = 53

Average Sale Price (12 month average): $223,082



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2009 Urban Housing Starts in Newfoundland and Labrador

January 11, 2010 · Filed Under CMHC Reports, Market Trends, New Home Construction and St. John's Real Estate · Comment 

ST. JOHN’S, January 11, 2010 – Urban housing starts posted consistent results during the month of December, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC). December’s housing starts totaled 201 throughout the St. John’s area versus 202 starts in December of 2008. An additional 22 starts were recorded in other urban areas across the province, for a total of 223 provincial starts compared to 226 the previous December. For 2009, urban housing starts totaled 1,703 in the St. John’s area and 2,022 provincially.

“The local residential construction industry remained buoyant throughout 2009 and ended the year off just nine per cent compared to 2008’s record pace,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Despite weakness in the global economy in 2009, positive local economic and demographic factors continued to support stable residential construction activity within the St. John’s region, as well as in other urban centres across the province,” added Janes.
For Canada’s urban centres, total housing starts increased 17 per cent with 12,262 recorded in December compared to 10,488 during December of 2008. Single-detached starts increased 44 per cent to 6,222, while multiple starts of 6,040 represent a two per cent decline from a year ago. Throughout Atlantic Canada, there were 672 urban housing starts posted versus 574 the previous December, an increase of 17 per cent.

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Little Change in Investment Properties Vacancy rates in St. John’s Metro

December 21, 2009 · Filed Under CMHC Reports and St. John's Investments · 3 Comments 

According to the results of the fall 2009 rental market survey released today by Canada Mortgage and Housing Corporation (CMHC), the vacancy rate in the St. John’s census metropolitan area (CMA) was 0.9 per cent in October compared to a similar 0.8 per cent vacancy rate in  2008. The average two bedroom monthly rent increased to $677. “Solid economic activity and positive employment growth within the St. John’s area sustained rental market demand, resulting in low vacancies and higher rents throughout 2009,” said Chris Janes, senior market  analyst with CMHC in Newfoundland and Labrador. “The local oil industry and a lengthy list of major capital projects continued to stimulate local economic growth and in-migration to the region this year,” added Janes. Provincially, vacancy rates in percentage terms were 0.4 in the Corner Brook census agglomerate (CA), 1.6 in Gander and 1.7 in Grand Falls-Windsor CA. The combined provincial vacancy rate for all centres surveyed was 1.0 per cent.

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St. John’s Area November Housing Starts

December 10, 2009 · Filed Under St. John's Real Estate · Comment 

St. John’s Area November Housing Starts

Urban housing starts held steady during the month of November, according to preliminary data released today by Canada Mortgage an Housing Corporation (CMHC). November’s housing starts totaled 176 throughout the St. John’s area versus 173 starts in November of 2008. An additional 12 starts were recorded in other urban areas across the province, for a total of 188 provincial starts compared to 196 the previous November. “St. John’s area housing starts held steady relative to last November, posting a small increase of two per cent, with year-to-date starts off ten per cent compared to 2008’s accelerated pace,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Employment, income and population growth continues to support residential construction activity throughout the St. John’s region,” added Janes.

For Canada’s urban centres, total housing starts were flat with 13,507 recorded in November compared to 13,500 during November of 2008.  Single-detached starts increased 15 per cent to 6,671, while multiple starts of 6,836 represent an 11 per cent decline from a year ago.  Throughout Atlantic Canada, there were 641 urban housing starts posted versus 734 the previous November, a decline of 13 per cent.

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23 Fagan Drive – New St. John’s Real Estate MLS listing

October 16, 2009 · Filed Under New MLS Listings, St. John's East End and St. John's MLS listings · 2 Comments 

23faganFraser and Stephen Winters have listed a very spacious FOUR bedroom executive home in a prime location in East End St. John’s.  23 Fagan Drive is situated on a mature lot with lots of privacy.  There have been many upgrades in recent years totaling close to $50,000.  Upgrades include: shingles and siding, hardwood floors, ceramic floors, garage door, high efficiency low e argon gas windows, front porch, fiberglass front door, Valor high efficiency propane fireplace with cultured stone hearth and mantle.  23 Fagan Drive is fulled fenced with a new pressure treated fence and is located on a child safe street.  Security system leased for $36.00 month and propane tank is also leased. Asking price is $329,900 Call Fraser or Stephen Winters for more information.

Check out the Virtual Tour for 23 Fagan Drive

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Canadian housing markets buck recession and trend upwards – RE/MAX Bricks and Mortar Report

September 24, 2009 · Filed Under Market Trends, Real Estate Canada and Remax Reports · Comment 

With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421).

Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

“Markets are heating up across the country,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward home ownership is expected to continue throughout the Fall and possibly into early 2010.”

The recovery of Canada’s resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates — Calgary (74.1), St. John’s (71.5), Regina (70.1), and Edmonton (69.2). Significant gains have also been made over the same period in markets such as Ottawa — where homeownership levels rose from 51.4 per cent to 66.7 per cent — and Toronto, where levels rose fro m 57.3 to 67.6 per cent.

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New listing near Memorial University – 113 Prowse Ave

September 11, 2009 · Filed Under New MLS Listings, St. John's Investments and St. John's Real Estate · Comment 

113 prowse aveFraser and Stephen Winters just listed 113 Prowse Ave. This is a nice little three bedroom, two story home within walking distance to the taxation center and Memorial University (MUN) and in close proximity to the Avalon Mall. Most of the main floor is hardwood floors.  Family room with propane fireplace and french doors leading to formal dining room.  Property is fully fenced and has lots of privacy in the mature back yard.  Could make for a great investment property in St. John’s or as a starter home for the first time buyer. Asking price is $174,900

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