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Some interesting facts about the St. John's housing market

9/9/2014

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Today I was lucky enough to sit in on a presentation by the Canadian Mortgage and Housing Corporation. I was really happy to be included in the discussions and I thought I would share a few items of interest with you all!

In the St. John's area, continued growth is expected and indeed, we are in an upward trend in population, income, and employment- these are the 3 key drivers of the housing demand.

Growth is driven by capital project activity; as you can imagine, the following projects continue to play an important role in our province's growth.
  • Hebron
  • Muskrat Falls & Gull Island
  • Oil field expansions and extensions
  • White Rose GBS- type drilling platform
  • Statoil discoveries at Bay Nord, Mizzen and Harpoon
  • IOC expansion and Alderon Iron Ore project

***Oil sector remains key driver of the economy.

Mixed Multiple Listing Service sales activity:
  • St. John's area total sales -8.8% to 2,102
  • Average MLS* price +3.4% to $313,529
  • 455 MLS new construction listings 129 (*** "to be built") as of September 3rd
  1. 325 single-detached homes (97 "to be built")
  2. 130 condos (32 to be built)
  3. Total -2.3%; single detached -2.8 vs. earlier in the summer in June.


All indicators point to a strong buyers' market.
  • Average MLS price is holding steady around $310,000
  • Unit sales are down 8.8%
  • Active listings average of 2,400 a month is up 13%
  • Days on market average 65 days vs. 63 days a year ago
  • Offers at approximately 98%- same as 1 year ago


All in all, according to CMHC, we have indeed had a busy summer and while we continue to be in a strong buyers market, the fall looks good for us all!

A big thank you to RE/MAX Infinity and Team Burton for inviting CMHC in for our team meeting this AM. It sure is awesome to be a part of a team that wants us as realtors to have the most current information and the answers for many our of clients questions.

I hope you have enjoyed these facts! if you have any questions or comments please send them along to me!
sbutt@nfld.net 

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    Author: Sherry Butt

    Fun. Fearless. Full of life. I am loyal and passionate; a lover of life and people!

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