Good News for the St. John's Real Estate Market

Remember last week when I told you that Newfoundlanders were on a home buying spree, well this week Stats Canada says they’re coming home in droves. To be exact “…….the province's population had its largest increase in 15 years, recording a jump of 1,200 in just a three-month period this year between July 1 and Oct. 1.”   As Snook would say “Right on”.  Maybe this population boost caused the home buying spree, maybe not, either way it’s a good thing.  In fact it’s such a good thing that CBC says the government is planning a national advertising campaign to entice more former residents to move back to the island to fill predicted labour shortages.  Newfoundland and Labrador is facing a skill shortage because of an aging population and a number of mega projects that are due to come on stream.

This move to bring people home is good for all sorts of reasons, but you and I are interested in what it means for St. John’s real estate.  Well it definitely means investors are on the move, calls and emails about possible investment opportunities are way up.  For buyers, if you’re thinking of purchasing a home in the next year, better sooner than later, at times like these prices trend sharply upward.  If you’re thinking about selling - that’s a tough one for me, as a realtor I want to see inventory, as a home owner, if I was able to hang on for a while longer I probably would.  But there is another side to that. If you’re planning to sell in order to buy again locally, it may just be a wash.  Most likely you will realize more money on the sale of your home, but the new home will probably cost more. 

You know sometimes it’s all about timing, and good timing is generally based on sound information.  For more information on the St. John’s real estate market email me larry@larryhann.com or call me direct 728-1169 or toll free 866-728-1169

P.S. for any of you Snook fans here's the Nissan commercial that was a take off on this Nissan commercial.

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