Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 19, 2009 23:59 ET

Healthy Demand for Housing in St. John's

ST. JOHN'S, May 19 - 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® market will post 3,450 sales by the
end of this year and reach the 3,575 level in 2010. The average MLS® 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.

As Canada's national housing agency, CMHC draws on more than 60 years of
experience to help Canadians access a variety of quality, environmentally
sustainable, and affordable homes - homes that will continue to create vibrant
and healthy communities and cities across the country.

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Contact Information

  • For further information: Chris Janes, Senior Market Analyst - NL, (709)