New Subdivision in Pleasantville

November 19, 2008 · Filed Under Local St. John's, St. John's General and St. John's Real Estate · 1 Comment 

An interesting article on the CBC website today titled: Community within a community: Housing plan pitched for Pleasantville discussing a proposal for a new subdivision with a mix of condo’s and houses.  Even more interesting are the comments left by residents of St. John’s.  Most seem dead-set against the idea.  Here’s the article below.  What are your thoughts?

A Crown corporation hopes to see a mix of houses, condos and apartments built on the site of a former U.S. military base in St. John’s, on one of the prime undeveloped areas of the city.

Canada Lands Corp. is showcasing its plans for redeveloping Pleasantville and on Wednesday night will make a formal presentation on how it hopes the site — north of Quidi Vidi Lake, and within walking distance of downtown St. John’s — can be transformed.

Project manager John Dalton said the idea behind the mixed development is to create a community within a community.

“If you get that mix, you get what you call aging in place, where someone can move in as a young couple. If they need a bigger place, they could buy a home [and] they could have children,” Dalton said.

“Then, as they become empty-nesters, they could potentially move to an apartment or a condominium, and finally, at that stage of life which we’re all heading, as you’re getting to be … needing some assistance, we’re even providing an opportunity of assisted living.”

The U.S. military developed much of the land as Fort Pepperrell, which was built during the Second World War.

Years later, the site was turned over to the Canadian government, which used part of it as Canadian Forces Station St. John’s and other parts as offices for government departments. The former Janeway children’s hospital was built there in the 1960s, but was demolished earlier this year.

Canada Lands Corp.’s plan of divesting the lands, now considered surplus, will see about 960 residential units built, including single-family and multi-unit homes and hundreds of condominiums. The plan also includes two 10-storey towers that would be built along Logy Bay Road.

Housing advocates and social agencies have long called for a greater mix of housing in the central part of St. John’s, particularly for affordable housing for low- and middle-income earners.

The plan will come under a lot of scrutiny from residents of neighbouring streets, including Alister Eaton, who lives on Ross Road.

“That’s probably the best site left in metropolitan St. John’s. I mean, I grew up here,” said Eaton, adding that the Pleasantville site has had historic attachments, including a training site for the Royal Newfoundland Regiment in 1914.

“It’s always been a sort of historic place and I think done properly it will be great.”

The plan incorporates a $101-million upgrade planned for Canadian Forces Station St. John’s, which is relocating to one corner of the land it currently occupies.

Canada Lands Corp. will make a formal presentation to area residents on Wednesday at 7 p.m. at the Royal Canadian Legion on The Boulevard.

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St. John’s Fall Housing Market

November 12, 2008 · Filed Under Market Trends, Newfoundland Oil and Gas, St. John's Investments and St. John's Real Estate · Comment 

CMHC has released the following report.

Strong fundamentals such as a solid local economy, continued immigration and favorable employment will sustain the demand for housing within the St. John’s region throughout the remainder of this year and in 2009. Accordingly,  the housing market will continue to perform well. The renovation sector will build on its recent strength, exceeding $800 million annually over the forecast period. With home ownership costs increasing, some prospective buyers remain sensitive to prices when considering the purchase of a home. However, personal income growth and a tight labour market will continue to provide support to the overall level of demand for both new and existing homes.  Furthermore, energy related announcements such as Hebron and growth throughout the Newfoundland oil industry continue to fuel the housing market, with unprecedented buyer demand supporting current and future house price appreciation.

Having posted record sales for several years in a row, the St. John’s resale market is expected to continue this trend, eclipsing the 4,000 unit mark this year and in 2009. Accordingly, the forecast calls for MLS® sales of 4,800 units this year, with 4,400 sales expected in 2009. With many new homes selling through the MLS® system, solid numbers for housing starts will have a positive impact on total MLS® sales over the forecast period.

Unprecedented housing market activity this year has been characterized by higher than normal unit sales, constrained listings supply and sharp price increases. In fact, active listings are approximately 40 per cent lower this year versus last year and with demand expected to remain high over the forecast period, unit sales growth will be constrained by fewer listings in 2009. While favorable for sellers, very tight resale market conditions have proved challenging for buyers, resulting in multiple offers and offers above list price on choice listings.

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St. John’s Housing Starts Increase in September

October 29, 2008 · Filed Under Market Trends, St. John's Investments and St. John's Real Estate · Comment 

ST. JOHN’S, October 8, 2008 – Urban housing starts increased during the month of
September, according to preliminary data1 released today by Canada Mortgage and
Housing Corporation (CMHC). September’s total housing starts increased 18 per cent,
with 268 posted throughout Newfoundland and Labrador compared to 227 a year ago.
So far this year, urban housing starts total 1,580 across the province, up 22 per cent.
209 of the 268 provincial starts were recorded within the St. John’s region versus 178
last September, an increase of 17 per cent. Year-to-date, housing starts within the St.
John’s region are 23 per cent higher than the same period last year, with 1,288
recorded.
“New home demand remains very high within the local housing market and much of the
increase in housing starts during September can be attributed to a 40 per cent reduction
in existing home inventory so far this year,” said Chris Janes, Senior Market Analyst with
CMHC in Newfoundland and Labrador. “With the Hebron agreement now in place, a
bustling local economy and positive in-migration, both the new and existing home
markets continue to show signs of strength,” added Janes.
For Canada’s urban centres, total housing starts retreated 20 per cent with 17,644 in
September compared to 22,033 during September of 2007. Single-detached starts fell
23 per cent to 6,299 while multiple starts of 11,345 represent an 18 per cent decrease
from a year ago. Throughout Atlantic Canada, there were 1,030 urban housing starts
versus 1,029 the previous September.

Just released from CMHC Housing Now Publication

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Sellers Market in St. John’s Keeps Active Listings Down

October 21, 2008 · Filed Under St. John's Real Estate · Comment 

Unprecedented demand for housing has driven active St. John’s residential listings approximately 42% lower to the end of the third quarter.  Active listings for July, August and September were 1,921, 1,693 and 1,524, respectively with new listings of 870, 632 and 744, respectively. New listings increased 6% during the third quarter, but the dramatic decline in active listings kept overall listings low.

There were 2,246 new residential listings during the third quarter compared to 2,120 during the same period last year. With sellers conditions, active listings averaged just 1,713 from July to September versus 2,756 during the third quarter of 2007.

Sales to active listings ratio hit 36% in September and averaged 33% during the third quarter versus 19% the third quarter of 2007.

Bank of Canada cut its rate 50 basis points (0.5%) October 8th, making it a full 2% in cuts since December 2007. Bank rate currently sits at 2.50% with the prime lending rate ranging from 4.25% to 4.35% at Canadian banks (as of October 17th).  Quite possible that the Bank of Canada could cut its rate again by another 50 basis points by the end of this week lowering the lending rate to 2.00%

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Newfoundland MLS residential house prices surge

October 20, 2008 · Filed Under Market Trends and St. John's Real Estate · 1 Comment 

Third quarter average Newfoundland MLS residential house price surged 19% to $182,306 compared to $153,053 during the third quarter of 2007, with additional price growth expected throughout the remainder of this year and next.  Average price is closer to $200,000 in St. John’s, Mount Pearl and Paradise.

MLS® sales advanced 11% to 1,695 units compared to last year’s third quarter sales of 1,529 units. The monthly break down for the third quarter:  July, August and September MLS® sales were 610, 541 and 544, respectively.

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Canadian Real Estate - Hot or Not

September 25, 2008 · Filed Under Market Trends, St. John's Investments and St. John's Real Estate · Comment 

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.

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August MLS Newfoundland Stats

September 2, 2008 · Filed Under Monthly MLS Stats, St. John's Investments and St. John's Real Estate · 1 Comment 

Newfoundland MLS listings for August were down from the same time in 2007.  Approximately a 16% decrease, however there was a 4% increase in properties sold for August 2008 vs August 2007 and a 10% increase in sales for 2008 year to date.  This decrease in listing inventory and increase in properties sold is putting added pressure on selling prices.  The supply and demand curve is still showing a sellers market.

One point to note:  I’ve notice a big decrease in the properties sold in the $100,000 to $200,000 range and a large increase in properties sold over the $200,000 mark.  Particularly the $260,000 to $349,900 range.

Total # of New MLS Listings [Aug] = 758

Total # of Sales [Aug] = 595

Number of Active Listings in the NLAR MLS System = 2675

Our Real Estate system is not showing the stats for my normal monthly Newfoundland MLS housing price break down by real estate area.

What I can report is for all of Newfoundland, the average sales price is $170,482 year to date for 2008.  Compared to $147,201 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.

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