CMHC Release: St. John's Housing Market Outlook Healthy for 2009 - 2010

Canada Mortgage and Housing Corporation (CMHC) released this report yesterday. I thought readers would be interested in what Chris Janes, CMHC's senior market analysthere in St. John's, had to say about the local market.

    ST. JOHN'S, May 19 /CNW/ - Despite global economic uncertainty, strong economic fundamentals will support demand for housing within the St. John's region throughout 2009 and 2010, according to Canada Mortgage and Housing Corporation's Housing Market Outlook - St. John's report.Housing starts are expected to end 2009 at 1,550 units, with 1,675 starts forecast for 2010. The resale or MLS(R) 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 the year at $198,000 versus $187,571 in 2008 and increase to $204,000 in 2010.

"The current demand for housing within the St. John's region is being driven by strong fundamentals such as a buoyant local economy, continued in-migration and solid employment, and is expected to continue throughout 2009 and 2010," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. "Positive trends in demographic and economic fundamentals, paired with ongoing momentum spurred by recent major project announcements such as Hebron and the Vale Inco Hydromet, will continue to support the outlook for the St. John's area housing market," added Janes.

Please contact me if you would like to discuss investment opportunities in St. John’s or surrounding communities.If you are thinking about buying or selling a home in St. John's area, or have questions about real estate in general, please call or email. I am always available to help.

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