Vacancy Rate Remains Low in St. John’s Area

December 15, 2011 · Filed Under CMHC Reports, St. John's Investments and St. John's Rentals Info · Comment 

From the CMHC press release regarding vacancy rates in St. John’s.

According to Canada Mortgage and Housing Corporation’s (CMHC) Fall Rental Market Survey, the vacancy rate in the St. John’s Census metropolitan area (CMA) was 1.3 per cent, compared to 1.1 per cent in 2010.
“With record employment and income growth attracting people to the region, population growth continued to create rental demand as new immigrants have a high tendency to rent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “An increase in home prices and a solid economy also supported demand for rental units in 2011. These factors, coupled with limited new rental supply, continued to keep the local vacancy rate low,” added Janes.
Provincially, vacancy rates in percentage terms were 1.3 in the Corner Brook area, 1.2 per cent in Gander and 0.9 per cent in the Grand Falls-Windsor area. The combined provincial vacancy rate for all centres surveyed increased from 1.0 per cent to 1.3 per cent.
Overall, the average two bedroom rent was $701 across the five urban centres surveyed, with increases recorded in every centre. The highest average two bedroom rent recorded was $771 in the St. John’s CMA, while Bay Roberts posted the lowest average rent of $561. The remaining average two bedroom rents were $584 in Corner Brook; $567 in Gander and $646 in Grand Falls-Windsor.

 

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Signal Hill, Regatta Day and Fog. Typical Day in St. John’s

August 2, 2011 · Filed Under Local St. John's and St. John's General · Comment 

So tomorrow is the big day in St. John’s….the 193rd Regatta Day. The Royal St. John’s Regatta is North America‘s oldest annual sporting event dating back to 1816. If weather isn’t suitable the event is postponed until the next suitable day.  Since Regatta Day is a civic holiday in St. John’s, this means that the weather actually determines whether or not workers have the day off – a matter sometimes complicated by late-night partying associated with the end of the George Street Festival the night before. (Locally known as Regatta Roulette)

Decided to drive downtown St. John’s this morning and swing up to Signal Hill and head back to my office via Quidi Vidi Lake.  Randomly taking photos as I went. There are a great number of people out today.  Most with camera’s so I can only assume tourist’s.  Even as I drove up the road to Signal Hill the place was packed with people.  Nothing to see up there though as the fog has it completely engulfed.  No ocean view that’s for sure.

Tomorrow Quidi Vidi Lake will be surrounded with tens of thousands of people.  Each visiting “the pond” for their own personal reasons.  Whether it be family tradition, curious spectators, visiting tourists, family/friends of the rowers or just to head down for a game of chance at the concession booths – none will be disappointed.

 

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June Housing Starts for the St. John’s Real Estate Area

July 12, 2011 · Filed Under CMHC Reports · Comment 

CMHC released the June Housing Starts for the St. John’s Area yesterday.  Here is a clip of the article.

“Housing starts in the St. John’s region were up during the month of June, according to  preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). June’s housing starts totaled 278 units throughout the St. John’s area compared to 232 units in June of 2010. There were 56 additional starts recorded in urban centres outside the St. John’s area, for a total of 334 provincial urban housing starts. Year-to-date, urban starts are down 3 per cent, with 935 posted provincewide.
“Higher levels of multiple housing starts supported the overall gains in new home construction activity in the St. John’s area in June,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Single-detached starts were relatively stable in June at 193 units. The trend towards lower levels of single housing starts remains, with this segment down 20 per cent compared to this time last year,” added Janes.
In urban centres across Canada, total housing starts recorded in June were up four per cent to 15,982 units compared to 15,346 a year ago. Single-detached starts declined seven per cent to 7,287 units, while multiple starts increased 16 per cent to 8,695 units in June. In the Atlantic region, 1,051 new homes were started compared to 1,012 units during June 2010.”

A copy of the PDF file can be found here.

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St. John’s Newfoundland MLS Stats for April

May 11, 2011 · Filed Under Monthly MLS Stats and St. John's Real Estate · Comment 

Average price of a house in St. John’s increased slightly this month. March average sale price was approx $277,000, for April it is $285,000. Average sales price year to date is up as well, almost 6.5% (all of Newfoundland) Interestingly the current real estate market certainly doesn’t reflect this increase.  From looking at the break down in homes sold, it appears that this data is a little “skewed” as a majority of the houses sold were in the 260k to 350k price range, hence bringing up the average prices. Currently, HALF of the homes on the market expire.  Meaning they do not sell.  From my opinion, majority of the houses currently on the market are WAY overpriced.  We are seeing a large number of reductions in prices.  Houses are sitting on the market an average of 60 days before selling.  I don’t think we will see a drop in the average house prices, but we will certainly see a lot of home owners having to reduce their homes to be in line with the market.  It seems that I have the following statement each month……but….. proper pricing on your home is key in this market and will be the same trend in 2011.  Contact us for a free market evaluation on your home.


Total # of new MLS Listings [April] = 814 (based on residential stats)

Total # of Sales [April] = 303

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3700

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

St. John’s Real Estate: Listings = 190   Sales = 81 Sales/Listings Ratio = 42%

Average sale price for a home in St. John’s: $285,097 for the month of April and the 12 month average $281,644

Mount Pearl Real Estate: Listings = 32 Sales = 18  Sales/Listings Ratio = 41%

Average Sale Price (12 month average): $252,736

Paradise Real Estate: Listings =55 Sales = 26 Sales/Listings Ratio =52%

Average Sale Price (12 month average): $310,525

East Extern Real Estate: Listings = 53 Sales = 15  Sales/Listings Ratio = 33%

Average Sale Price (12 month average): $290,202

Conception Bay South Real Estate: Listings = 44   Sales = 15  Sales/Listings Ratio = 40%

Average Sale Price (12 month average): $258,061

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RE/MAX First Time Buyer Report 2011 for St. John’s

April 6, 2011 · Filed Under First Time Buyers, Market Trends, Remax Newfoundland and Remax Reports · Comment 

Demand for housing in St. John’s remains healthy, particularly among first time buyers, despite a decline in year-to-date sales.  Buyer’s market conditions and the best choice of product in years have buoyed the entry-level segment, along with wage gains, economic growth and rising consumer confidence levels. Affordability continues to be  favourable, with increased earnings offsetting the more moderate price growth of late.  Most young home buyers are now active from $200,000 to $250,000.  Those buying new construction will have to ante up more—typically between $230,000 and $280,000 to start—as the  price of new construction has risen at a greater rate.  Those on a tight budget will find that homes listed below $200,000 are few and far between and tend to sell for close to full price, if listed at fair market value.  Some even generate a rare multiple offer.

To illustrate the supply issue, only 34 homes have sold year-to-date under $175,000, accounting for just 10 per cent of all sales, and only 39 listings under that price point are currently available. Given that, buyers at the lowest end of the price spectrum will have to act more quickly.  The housing mix in St. John’s continues to favour the single detached home, particularly in the first-time buyer segment.

Of the 34 homes sold under $175,000, only three were condominiums. Entry-level condominium product remains limited in St. John’s, as builders continue to focus on the mid-range—units priced between $250,000 and $350,000. While condominiums are gaining traction with younger buyers, they remain only a small portion of entry-level sales. Condominiums now start from $165,000 to $175,000 for an  older, 650 to 750 sq. ft. walk-up unit on Thorburn Rd., Dalton Ave., and in Pleasantville.

With the current oversupply of homes listed for sale in St. John’s, buyers remain in the driver’s seat. That, along with historically low interest rates, continues to serve as a significant  impetus.

Detached homes can be found from $169,000 for an older bungalow requiring work, located on the peripherals. Older homes are most popular. Most sought-after are properties priced between $210,000 and $250,000 in established neighbourhoods such as Cowan Heights, Mount Pearl and Paradise. Most buyers are realizing their choice location, with little need to compromise.  Those that must choose are opting to spend a little more, if necessary.

Solid demand among first-time purchasers is expected to carry over in to the spring market, with new financing criteria expected to have little impact. In fact, look to sales in the entry-level segment to prompt greater activity in the move-up range in the months ahead. February year-to-date sales were 11 per cent off year-ago levels, with 359 sales recorded, while average price continued its ascent at $255,512, up just over five per cent.

Full RE/MAX Media Release for the First Time Buyers Report 2011

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February Housing Starts for the St. John’s Area

March 8, 2011 · Filed Under CMHC Reports and St. John's Real Estate · Comment 

ST. JOHN’S, March 8, 2011 – Housing starts in the St. John’s real estate region decreased during the month of February, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC).

February’s housing starts totaled 52 units throughout the St. John’s area compared to 67 units in February of 2010. There were no additional starts recorded in urban centres outside the St. John’s area.
“New home construction activity took a breather during February, with starts down 22 per cent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is retreating from recent highs, growth in employment, income and population is expected to support the local housing market again this year,” added Janes.

In urban centres across Canada, total housing starts recorded in February were down seven per cent to 9,900 units compared to last year’s total of 10,637. Single-detached starts declined 27 per cent to 3,300 units, while multiple starts increased eight per cent to 6,600 units in February. In the Atlantic region, 269 new units were started compared to 453 units during February 2010.

The full CMHC press release can be found here

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New listing in Airport Heights St. John’s – 7 Kincaid Street

February 13, 2011 · Filed Under New MLS Listings, St. John's East End, St. John's MLS listings and St. John's Real Estate · Comment 

*** SALE PENDING *** Fraser and Stephen Winters have just listed 7 Kincaid Street.  This 4 year old 2-story home shows just like new.  Hardwood and ceramic on the main floor.  Bright open concept eat-in kitchen and family room.  Rounding out the main floor is a separate, spacious living room as well as a 1/2 bathroom.  Three bedrooms in total on the second floor.  The master bedroom includes a 3 piece ensuite and walk-in closet.  There is a large rec-room in the basement as well as a separate office (or 4th bedroom)  Newly updated laundry room with a half bathroom.  This house is located on an oversize lot with panoramic views of the East End of St. John’s.  You can even enjoy a surprisingly spectacular view of the ocean from your patio deck.  The property is fully landscaped has a fenced backyard and includes a baby barn.  As a bonus feature, you can have rear yard access. Asking price is $299,900.

For a virtual tour of 7 Kincaid Street click here

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