Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 15, 2010 10:28 ET

St. John's Area Housing Market Expected to Cool

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 15, 2010) - Recent price growth and an increasing supply of unsold homes will likely have a moderating effect on the St. John's area housing market over the coming months despite growth in population, income and employment, according to Canada Mortgage and Housing Corporation's (CMHC's) Housing Market Outlook - St. John's report released today.

Housing starts are expected to end 2010 at 1,600 units, with 1,475 starts forecast for 2011. The resale market will post 3,650 sales by the end of this year and reach the 3,350 unit level in 2011. The average MLS® house price is expected to end 2010 at $247,500 compared to $218,862 in 2009 and increase marginally to $255,000 in 2011.

"Since 2007, the St. John's area housing market has been driven by positive consumer spending and growth in population, income and employment," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. "From an overall historical perspective, the outlook for the St. John's area housing market is solid, but recent record housing market activity will likely go unmatched in 2011," 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. 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 vital decisions.

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

For more information, visit www.cmhc.ca or call 1-800-668-2642.

(Ce document existe également en français)

Contact Information