chickenlittleCMHC held a seminar this week discussing the outlook for Newfoundland for 2009 with regards to economy and real estate market and prices.  As in most recent reports and news releases the message was the same: Newfoundland is expected to remain strong in 2009.

While most of Canada and the world are in doom and gloom, somehow Newfoundland is expected to escape the mayhem.  I know we are somewhat protected being on an island, but I can't see St. John's getting away virtually unscathed.  Then again it's better to hear positive news then to hear the sky is falling on a daily basis.

In a quote from The Telegram's article entitled "Local housing market, economy remain strong" Chris Janes was reported to say

"It's still on the up and up locally in terms of our labour markets, economy, economic health overall, government's fiscal situation, migration factors ... and it's just a lot of positive activity that's hard not to be focused on," Janes said following his address to a packed housing seminar in St. John's Wednesday. "We still have very strong consumer spending, and that's key to any province's economic health and, right now in terms of all provinces in Canada, we have the strongest consumer spending of all."

Where does this leave the St. John's housing market......back to normal levels in my opinion.  Resale markets are not as "hyper" as they were last year and new homes will start to taper off to the point where we'll see more and more "spec houses".  If you remove last years 25% housing price increase, this year will be comparable to previous year before it...modest gains, balanced market, with the occasional multiple offer just to spice things up a little and keep it interesting.

 
Posted by Stephen Winters on 03/05/2009 03:50 PM   Comments (0)   st johns, housing market, cmhc  
Generate short URL

0 Comments on The sky is not falling nor are St. John’s housing prices

Login or register to leave a comment
 
Stephenwinters1

Stephen Winters

St Johns, NL

More about me…

Remax Realty Specialists

Address: 40 Aberdeen Ave, St. John's, NL

Office Phone: (709) 726-8300

Cell Phone: (709) 682-9045

Email Me

Moving to St. John's Newfoundland? Looking for a great city to buy affordable investment properties? Call Fraser and Stephen Winters - Remax Realtors Today!


Links

Archives

RSS 2.0 Feed for this blog