Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 18, 2016 08:15 ET

Lower Activity Expected for St. John's Area Housing Market

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - May 18, 2016) - According to Canada Mortgage and Housing Corporation's (CMHC's) Spring Housing Market Outlook - St. John's report, housing market activity this year and in 2017 will be at lower levels than experienced in recent years.

"Demand for housing will see continued decline over the forecast period as a result of a negative outlook for population, income and employment," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Business Centre.

New home construction activity in the St. John's area will be lower. The single-detached housing market will range from 635 to 665 starts this year and between 575 and 625 starts in 2017. The multiple unit segment of the market is expected to range from 190 to 210 units this year and from 160 to 190 units in 2017.

MLS® sales will range between 3,095 to 3,205 units this year and between 2,915 to 3,085 units in 2017. The average MLS® house price is expected to be in the range of $282,395 to $293,605 this year and $272,215 to $287,785 in 2017.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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

Additional data is available upon request

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