St. Johns housing market growth to continue: CMHC report

Staff ~ The Telegram
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Resilient consumer spending, large capital projects and improved employment will continue to support the St. John's region housing market throughout the remainder of 2009 and in 2010, according to Canada Mortgage and Housing Corporation's (CMHC'S) Housing Market Outlook - St. John's report released Monday.
Housing starts are expected to end 2009 at 1,675 units, with 1,800 starts forecast for 2010.
The resale or MLS(R)(1) market will post 3,450 sales by the end of this year and reach the 3,575 level in 2010. The average MLS(R) house price is expected to end 2009 at $215,500 compared to $187,571 in 2008 and increase to $225,500 in 2010.
"Despite the recent global economic uncertainty, strong fundamentals will continue to support demand for housing throughout the remainder of 2009 and in 2010," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.
"Overall, the positive outlook for the St. John's area housing market will be reinforced by favourable trends in demographic and economic fundamentals, as well as on-going economic momentum fuelled by a lengthy list of major capital projects."

Organizations: Canada Mortgage and Housing Corporation

Geographic location: St. John's, Newfoundland and Labrador

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Comments

Recent comments

  • Tim
    July 02, 2010 - 13:34

    I just realised it's cheaper to buy a house in Calgary or Houston than St. Johns...why? who is making all the profit? Why is it so?

  • frank
    July 02, 2010 - 13:19

    are people in st john's really buying this bs? be careful and prudent people, interest rates will not be this low forever. when they begin to rise, (july 2010) watch-out!!

  • Truth
    July 02, 2010 - 13:17

    How can anyone afford to buy a house here other than the elite?????!!

  • Tim
    July 01, 2010 - 20:23

    I just realised it's cheaper to buy a house in Calgary or Houston than St. Johns...why? who is making all the profit? Why is it so?

  • frank
    July 01, 2010 - 20:00

    are people in st john's really buying this bs? be careful and prudent people, interest rates will not be this low forever. when they begin to rise, (july 2010) watch-out!!

  • Truth
    July 01, 2010 - 19:58

    How can anyone afford to buy a house here other than the elite?????!!