Construction/Building — November 5, 2012St. John's Housing Market to Remain Stable
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 5, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - St. John's report, steady house prices and an adequate supply of new and existing homes will see housing activity remain stable this year and in 2013.
"Low mortgage rates, income growth, full-time employment gains and positive migration will support the local housing market for the remainder of this year and next," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.
New home construction activity in the St. John's area is expected to be strong this year and next, with demand for new homes driven by large new construction project activity, primarily within the resource sector. Single-detached housing starts are forecast to end this year at 1,275 units, with 1,200 units in 2013. The multiple unit segment of the market is expected to see 800 new units start construction this year and 750 units in 2013.
The resale market will post 3,750 sales by the end of this year and 3,500 sales in 2013. With excess inventory in the local resale market and demand for housing moderating, the forecast is for single-digit price growth this year and in 2013. The average MLS® house price is expected to end 2012 at $280,000 and increase marginally to $285,000 next year.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
MLS® is a registered trademark of the Canadian Real Estate Association.
Additional data is available upon request
(Ce document existe également en français)
Latest Industry Press Releases
February 2014 Housing Starts in New Brunswick (2014-03-10)
February 2014 Housing Starts in Halifax (2014-03-10)
February 2014 Housing Starts in St. John's (2014-03-10)
February 2014 Housing Starts in Prince Edward Island (2014-03-10)
Retrocom REIT Announces 2013 Results (2014-03-06)
Superior Plus Announces March 2014 Cash Dividend (2014-03-06)
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 527 projects with a total value of $1,552,331,732 that Reed Construction Data Building Reports reported on Friday.
$120,000,000 Oakville ON Tenders
$48,225,000 Etobicoke ON Prebid
$40,000,000 Ottawa ON Negotiated
- CCA96th: Unlocking Canada's Potential
- VIDEO: LiUNA Local 183 Training Centre introduces new programs
- Wins delivered on infrastructure front: Rizzardo
- Behind the Velodrome’s Veil
- Ontario’s prompt payment bill needs work but supported
- Southwest L-evation
- Post-bid clarifications make feds liable for bid repair
- Panama Construction Fact for Today
- Ritchie Bros. hold first Canadian auction of 2014
- Skilled labour needs changing in Saskatchewan
- Quebec’s construction momentum ebbs after 15 years of expansion
- VIDEO: Canadian Construction Association conference Panama preview
- Concerns raised about P3 approach for Saskatchewan schools
- Journal of Commerce Preview for the week of March 10th, 2014
- Wood Design Awards
- Outgoing chair reflects on time at the helm of the CCA
- School board asks for traditional procurement
- Site Services in Vancouver
- Looking to improve contract awards
- Environmental verdict riles Taseko
- Prentice to mediate First Nations agreements
- CAWIC funded to create action plan to attract women
- More video surveillance used on construction sites
- Modular workforce housing meets Alberta Building Code standard
- Manitoba outlines infrastructure plan
- BC Hydro posts RFQ for Site C project