CMHC Reports St. John’s Area February Housing Starts

March 9, 2010 · Filed Under CMHC Reports · Comment 

ST. JOHN’S, March 8, 2010 – Urban housing starts increased during the month of February, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC). February’s housing starts totaled 68 throughout the St. John’s area versus 45 starts in February of 2009. There were no additional starts recorded outside the St. John’s area. “February’s brisk residential construction activity was attributed to a combination of continued demand and an unseasonably mild winter month,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Local economic and demographic conditions continue to support new home construction throughout the St. John’s region and the first two months of 2010 indicate a solid start to the year,” added Janes.

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Investment property near CONA, MUN and Marine Institute – 156 Higgins Line

March 7, 2010 · Filed Under First Time Buyers, New MLS Listings, St. John's East End, St. John's Investments, St. John's MLS listings and St. John's Real Estate · Comment 

Fraser and Stephen Winters have just listed 156 Higgins Line. An absolutely fantastic 2-apartment home located on the doorstep to Marine Institute, CONA and MUN. Lots of upgrades in recent years including roof, siding,vinyl windows and laminate flooring. 3 bedrooms in the main unit and 2 bedrooms in the basement apartment. Large open concept dining room adjacent to the living room. Master bedroom has a 2 piece ensuite. Large recroom in basement for the main unit living area. Conveniently locate on bus route. Home is situated on a large deep lot (land goes back further then back fence) a rare find in this area. Great investment property!  MLS Number: 151858  Asking price is $277,900.

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New Listing near Memorial University and Avalon Mall – 12 Keane Place

March 4, 2010 · Filed Under New MLS Listings and St. John's MLS listings · Comment 

Fraser and Stephen Winters have a new listing in St. John’s – 12 Keane Place.  A well cared for multi level, 3 bedroom townhome in an ideal location close to Taxation Centre, Memorial University and Avalon Mall.  New carpet and laminate flooring throughout majority of home. Vinyl windows and vinyl siding.  Eat-in kitchen with door to patio deck. Separate family room on main floor.  Basement is developed. House size is approximately 1500sqft.  MLS Number: 151781 Asking price is $139,900. Could make for an ideal investment property as similar houses in the area have rented for $900.

Virtual Tour of 12 Keane Place – Click here

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Newfoundland Real Estate MLS Stats February

March 2, 2010 · Filed Under Market Trends, Monthly MLS Stats, Mount Pearl Real Estate, Paradise Real Estate and St. John's Real Estate · Comment 

Buyers are taking advantage of favourable real estate market conditions around St. John’s and areas….sellers too are reaping the rewards. Multiple offers are a factor in our marketplace once again, with well-priced listings—especially around the $200k to $260k  price range. Properties priced at market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board – and it’s not likely to subside unless more inventory comes on-stream.  The Bank of Canada released today that it will keep it’s interest rate “as is” but hinted at the fact it will most likely increase in June/July due to Canada’s higher then expect latest GDP numbers.

Total # of new MLS Listings [Feb] =567 (based on residential stats)

Total # of Sales [Feb] = 259

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2650 (residential only)

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

St. John’s Real Estate: Listings = 117   Sales = 66 Sales/Listings Ratio = 56%

Average Sale Price is St. John’s: $270,742 for the month of February and the 12 month average $240,470

Mount Pearl Real Estate: Listings = 13 Sales = 7  Sales/Listings Ratio = 54%

Average Sale Price (12 month average): $218,063

Paradise Real Estate: Listings =64 Sales = 18 Sales/Listings Ratio =28%

Average Sale Price (12 month average): $268,980

East Extern Real Estate: Listings = 37 Sales = 14  Sales/Listings Ratio = 38%

Average Sale Price (12 month average): $259,371

Conception Bay South Real Estate: Listings = 48   Sales = 19  Sales/Listings Ratio = 40%

Average Sale Price (12 month average): $225,728

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Low inventory levels set stage for heated Spring market says RE/MAX

February 24, 2010 · Filed Under Market Trends, Real Estate Canada, Remax Reports and St. John's Real Estate · Comment 

Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released by RE/MAX.

The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.

There have never been so many motivating factors in play at once. We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies.

Markets experiencing the tightest inventory levels include Toronto (- 41 per cent); Kitchener-Waterloo (-33 per cent); Ottawa (- 30 per cent); Victoria (- 30 per cent); Greater Vancouver (- 27 per cent); Halifax-Dartmouth (- 19 per cent); London-St. Thomas (- 18 per cent); Regina (- 16 per cent); and Winnipeg (- 13 per cent). Conditions were still balanced, but starting to tighten in Calgary, Edmonton and Saskatoon, particularly in the single-family detached category.

The highest year-over-year sales gains were reported in Greater Vancouver (152 per cent), Kelowna (121 per cent), Greater Toronto (87 per cent), Victoria (69 per cent), Hamilton-Burlington (58 per cent), London-St. Thomas (55 per cent) and Calgary (47 per cent). Western Canadian cities dominated the list of centres with the highest increases in price appreciation. These included Victoria at 25.5 per cent, Kelowna at 22 per cent, Greater Vancouver at 19.5 per cent, and Winnipeg at 17 per cent. St. John’s (23 per cent) and Toronto (19 per cent) were also among the frontrunners for price growth.

Affordability is the catalyst for the vast majority of purchasers in today’s housing market. While homeownership is still within reach in many major centres, levels are slipping. There is a growing sense, on both sides of the fence, that the time to act is now.

While buyers are taking advantage of favourable conditions, sellers too are reaping the rewards. Competing bids are a factor in the marketplace once again, with well-priced listings—especially at the entry-level price point—experiencing multiple offers. Properties priced at fair-market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board – and it’s not likely to subside unless more inventory comes on-stream.

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Protect, Maintain and Enhance the value of your home with HouseLogic

February 19, 2010 · Filed Under First Time Buyers, Home Maintenance, Real Estate Articles and Tips for Selling your Home · Comment 

Interested in ways to seal air leaks around the house to lower your heating bill?  How about saving energy with home lighting?  Planning on redoing the kitchen or bathroom?  Enter HouseLogic, a comprehensive website aimed to assist you in 100’s of home remodeling, energy saving tips.  Best of all….it’s FREE!

Earlier this week, the National Association of REALTORS (American version of CREA) launched a new website, entitled HouseLogic.  This web site is designed to help home owners make smart decisions to maintain, protect, and increase the value of their homes. HouseLogic will help consumers take responsible actions pertaining to what is likely the largest investment of their lives.

With content covering home improvement, maintenance, taxes, finance, insurance, and even ways you can get involved in and enrich your community, HouseLogic can help you increase and protect the value of your home by helping you make confident decisions.  (remember this is an American site so the taxes and finances, insurance may not be applicable here in Canada)

Create to-do lists, and set project reminders, get costs estimates on various renos and home improvements (in USD). A very informative website that has it all.  Be sure to check it out.

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Kirkland Balsom St. John’s Real Estate Market Overview 2010

February 18, 2010 · Filed Under Market Trends, Real Estate Articles, St. John's Condos and St. John's Real Estate · Comment 

Kirkland Balsom and Associates have just released their Real Estate Market Overview 2010 for St. John’s. I’ve shared this report the past 2 years and once again this year they are “spot on” with their assessments.

Here is an outline of their report:

RESIDENTIAL MARKET
Strong demand with less supply results in higher prices

The residential market just keeps on rolling! Demand remains strong and supply remains tight for well located and appropriately priced homes. The underlining drivers for this strong demand appears to be the fear of having to pay more in the future, easy access to favourable financing and strong employment throughout the region. A substantial increase in land values over the past year spurred new home construction cost and more than offset a slight softening in the sub-trades. Anticipated higher borrowing cost in late 2010 may serve to increase demand in the first half of 2010; however, could weaken demand in the second half. Pending an unforeseen increase in listing inventory, further price increases is
anticipated.

MULTI-RESIDENTIAL/CONDOMINIUM SECTOR
Effective full occupancy

With the apartment complexes at effective full occupancy and no new inventory on the horizon, rental rates should continue to increase. Not surprisingly in light of these trends, investor interest remains strong. A number of older apartment buildings in the university area have been purchased, renovated and converted to condominium units. Market activity also remains strong in the small scale 2-6 unit projects as entry level investors compete for limited supply.
Prices/demand continues to strengthen in condominiums at all price points. Escalating construction costs and an aging population will stimulate condo demand and values in the coming year.

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