Found 16 blog entries tagged as home sales.

In October 2023, 529 homes changed hands through the MLS® System of the Newfoundland and Labrador Association of REALTORS®, a slight dip of 1.1% from the previous year. Though sales trailed the five-year average by 3.5%, they soared 8.4% above the 10-year average for October.

Year-to-date figures showed a 16.2% drop in home sales, with 4,470 units sold in the first 10 months of 2023 compared to the same period in 2022.

St. John's residential activity rose by 5.6%, contrasting with a 3.6% dip in the rest of the province. Single detached home sales in St. John's experienced a 6.3% boost from October 2022.

The MLS® Home Price Index (HPI) indicated a composite benchmark price of $292,400 in October 2023, up 3.9% year-over-year. Single-family…

155 Views, 0 Comments

Get ready for a real estate rollercoaster ride! In May 2023, the MLS® System of the Newfoundland and Labrador Association of REALTORS® witnessed some fascinating twists and turns. Brace yourself for the numbers!

A total of 403 homes were sold that month, but hold on tight, because that's a 31.3% drop compared to May 2022. We're not reaching the heights we were hoping for.

In fact, home sales were 7% below the five-year average and 6% above the 10-year average for May. So, we're somewhere in the middle of the real estate spectrum.

Now, let's zoom out and take a look at the bigger picture. From January to May 2023, a total of 1,598 homes were sold, marking a 27.7% decline from the same period in 2022. We're definitely seeing some twists and…

412 Views, 0 Comments

Home sales in Newfoundland and Labrador saw a decline of 21% in March 2023 compared to the same month in the previous year, with a total of 350 units sold. However, home sales for the month were 0.5% higher than the five-year average and 13.5% higher than the 10-year average. Year-to-date home sales for the first three months of 2023 were down 20.7% compared to the same period in 2022, with a total of 902 units sold.

St. John's saw a significant decline in residential activity of 32.3% year-over-year in March 2023, with single detached home sales falling 17.5% from March 2022 levels. In comparison, the rest of the province saw a smaller decline of 14.9%. The MLS® Home Price Index (HPI) showed that the overall benchmark price for homes in…

252 Views, 0 Comments

Real estate experts have been predicting how the Canadian housing market will fare in 2023 since the beginning of 2021. With current trends pointing towards a steady increase in home sales, it’s no wonder that many are eager to know what the future holds. With new trends and economic shifts, the landscape of home sales can be difficult to predict. In this blog post, we'll take a closer look at why home sales are expected to continue to rise over the next few years, and what buyers and sellers can expect from the markets in 2023. 

How We Got Here 

Before we can look into the future, it’s important to understand how we got here. The Canadian housing market has seen an unprecedented surge over the past year due to both COVID-19 safety measures and…

514 Views, 0 Comments

rent to own program

The Canadian real estate market is showing signs of slowing, now that interest rates are rising. Despite sales activity sliding and prices moderating, the country’s housing sector is still leaving many hopeful homebuyers sitting on the sidelines.

According to the Canadian Real Estate Association (CREA), national home sales tumbled at a monthly rate of 3.9 per cent in September. The MLS® Home Price Index (HPI) declined by 1.4 per cent month-over-month but was still up 3.3 per cent year-over-year. Meanwhile, the actual (not seasonally adjusted) national average sale price declined 6.6 per cent year-over-year, to $640,479.

New residential listings fell 0.8 per cent month-over-month, and months of inventory edged up slightly…

448 Views, 0 Comments

sign sold over asking

When the Canadian real estate market peaked in February, this was undoubtedly the key question on prospective homebuyers’ lips, whether a single-family home in rural Ontario or a condominium unit in downtown Vancouver. It was also a hot topic – and goal – of home sellers from coast to coast.

The “pandemic boom” was certainly a housing market that many people will never forget, especially in the major urban centres such as Toronto and Montreal. Even Atlantic Canada got in on the enormous gains, thanks to notable population increases as a newfound freedom to work remotely opened up options on where to buy a home.

One notable trend accelerated in Canada’s housing market as it built up to its peak: homes sold over asking.

354 Views, 0 Comments

Canada home prices

Industry observers anticipated the Canadian real estate market would slow down ahead of the Bank of Canada’s (BoC) monetary policy tightening crusade. It could be challenging to fathom, after the unprecedented growth of Canada home prices and market activity during the last two years.

According to the Canadian Real Estate Association (CREA), national home sales tumbled by 5.3 per cent in July, with monthly activity clocking in 29.3 per cent below last July. Home prices were mixed. On a month-over-month basis, they edged down 1.7 per cent in July. However, on an annualized rate, the MLS® Home Price Index (HPI) advanced 10.9 per cent to $629,971.

This is a nationwide trend, too, association data show. Sales activity was…

582 Views, 0 Comments

MLS® home sales in Newfoundland and Labrador post third best monthly total ever in July, overall inventory remains stable

Chart resi 0

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 703 units in July 2022, declining 11.9% from July 2021.

Home sales were 17.9% above the five-year average and 30.8% above the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 3,563 units over the first seven months of the year. This was virtually unchanged from the same period in 2021, moving only 0.1% (five sales).

Residential activity in St. John’s was down by 10.9% on a year-over-year basis in July, while activity…

331 Views, 0 Comments

Candian real estate news

We’ve all heard the hype: Canadian real estate is facing the deepest market correction in the last 40 years. But this isn’t the first time that experts have forecast corrections or crashes, none of which have materialized in recent history. So, let’s read between the headlines and examine some facts.

“Canadian real estate prices are dropping.”

More accurately, prices are plateauing from the meteoric rise we experienced throughout 2021 and in early 2022. According to the Canadian Real Estate Association (CREA), the MLS Home Price Index edged down 1.7 per cent month-over-month in July, but it was still up 10.9 per cent year-over-year. While we have seen some easing in prices, the sky is nowhere near falling. In fact, there…

325 Views, 0 Comments

Toronto Canadian housing market

Has the pendulum in the Canadian housing market tilted toward homebuyers? This is the current debate unfolding among market analysts, real estate agents, homebuyers and sellers.

The research arm of Goldman Sachs recently dropped a bombshell of a forecast: Canadian real estate will witness the sharpest drop in the global economic downturn.

“The pandemic-induced housing boom appears to be cooling off,” the Wall Street titan wrote. “From Toronto to Auckland, a slowdown in the housing market is underway as interest rates in developed economies are set to climb rapidly.”

Indeed, it is a reasonable conversation to have after seeing some of the latest numbers being reported in the Canadian housing market, as the central…

315 Views, 0 Comments