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News of reported Skymark parent company insolvency not sign of market weakness: realtor

After the parent company of Skymark Homes reportedly filed for insolvency, the CEO of NL Association of Realtors said it shouldn’t be seen as a sign of things to come in the market.

Bill Stirling, CEO of the N.L. Association of Realtors. Telegram file photo

“Skymark's financial issues should not be taken as an indication of the general real estate market in the province,” Bill Stirling told The Telegram.

“They are a new home builder and the dramatic drop in housing starts in NL has been well reported in the local market. I can't say to what extent that may or may not have impacted their operations.”

Skymark Homes is part of Future Group Co., which is reportedly seeking creditor protection under the Bankruptcy and Insolvency Act. Future group is headquartered in St. John’s and deals with real estate, land development, construction and renovation.

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