Housing starts down for July in St. John’s area: report

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The Conference Board of Canada said Monday that St. John’s was among the country’s cities with the biggest year-over-year declines in housing starts in July.

The other cities were Kingston, Moncton, Quebec City and Toronto.

The release notes that overall in the country, short-term expectations were positive for 13 of the 28 census metropolitan areas (CMAs) this month, while half of the CMAs have positive long-term expectations.

Most of the Canadian cities from Quebec eastward continue to have both negative short- and long-term expectations.

Winnipeg had the biggest year-over-year increase in housing starts this month.

Organizations: Conference Board of Canada

Geographic location: Quebec City, Kingston, Moncton Winnipeg

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  • Mark
    September 04, 2013 - 13:33

    I don't know what some people in St.John's people are complaining about. I know a bunch of people in the St.John's region who have seen the value of their homes double or even triple in the last ten years. I know people who are going to retire early because they lucked out by buying a home when it was dirt cheap and now it is worth a fortune. So what if you pay more in property tax? If I had to pay an extra $1,000 or more each year on a home that was going up in value $15,000 or $20,000 each year, I wouldn't mind that much.

  • Brett
    August 28, 2013 - 14:51

    really brad? I see the evaporation of supply coupled with hibernia being finished and oil prices getting ready to skyrocket from syria as well as muskrat falls all pointing to a bounce in housing prices, maybe helping to close the gap between NL and the canadian average (NL housing is 30% less expensive than the average).

    • Brad
      August 29, 2013 - 08:45

      Corner Brook sales are down 30% (per story on CBC). Interest rates are going up (0.5% in 6 months). Long Harbour has been cutting people like it's going out of style (unless you're a welder...then you'll get cut in January 2014). Supply hasn't dried up, see Dogberry Hill Road (already its already spoken for so it hasn't counted in the #s). Bottom line is, there is only so much we can afford, with rising debt levels and interest rates, it doesn't look like a pretty picture. You know it's bad when a combined income of $110k can barely swing a 300k mortage.

    • brett
      August 29, 2013 - 12:04

      Since when can $110,000 barely get a $300,000 mortgage? Mortgages qualify based on 5.25% anyways, and rates are well below that, if people are running around with massive car debt and racked cards sure I can see them getting denied, but having 270k gross debt on 110k salary shouldn't be an issue. I know sales are down, this is the lull, but if you look forward 2 years. I think you have to look beyond the immediate work and look at the jobs and wealth created down the road. Look to the intellectual property type jobs, not the trades. Trades type jobs are more transient work.

  • john
    August 27, 2013 - 18:27

    Hopefully this will weed out the yahoos that have been building poor quality houses!

  • Brad
    August 27, 2013 - 08:09

    Coupled with rising interest rates at the bank. I see trouble on the horizon here in the next 3 years in the market..