Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 31, 2013 08:51 ET

Housing Market Continues to Cool in St. John's Area

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Oct. 31, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - St. John's report, growth in population, income and employment will continue to support the housing market, but activity will be at lower levels for the remainder of 2013 and in 2014.

"Housing market activity will remain below the highs of 2012, but will continue to be supported by solid economic and demographic fundamentals throughout the St. John's area over the forecast period," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

New home construction activity in the St. John's area is expected to be lower this year and next, with single-detached housing starts forecast at 1,200 units for 2013 and 1,175 units in 2014. The multiple-unit segment of the market is expected to see 400 new units start construction this year, with 525 units in 2014.

The resale market will post 3,450 sales by the end of this year, with 3,400 sales expected in 2014. Moderate price growth is forecast for this year and next, with the average MLS® house price expected to reach $305,000 by the end of 2013 and increase to $310,000 next year.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

Follow CMHC on Twitter @CMHC_ca

MLS® is a registered trademark of the Canadian Real Estate Association.

Additional data is available upon request.

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Contact Information

  • Market Analysis Contact:
    Chris Janes
    709-772-2403
    Cell: 709-743-4636
    cjanes@cmhc.ca

    Media Contact:
    Caroline Arsenault
    902-426-8127
    Cell: 902-452-4448
    cmarsena@cmhc.ca