Real Estate Blog - sales activity

Exploring Housing Market Trends in Newfoundland and Labrador

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…

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National Home Sales Forecast to Edge Back Further

With interest rates on the rise, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks reached earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away.

Some 532,545 properties are forecast to trade hands via Canadian MLS® Systems in 2022, a decline of 20% from the 2021 annual record. The downward revision from CREA’s June forecast was mostly the result of a downward revision to sales activity in Ontario, along with smaller revisions in British Columbia, Alberta and Quebec.

The national average home price is forecast to rise by 4.7% on an annual basis to $720,255 in 2022. That said, much of that increase reflects how…

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Canadian Real Estate is Changing: What You Need to Know

The Canadian real estate market is in a state of flux right now.

It is hard to fathom that Canada’s housing sector recorded unprecedented gains a year ago – from tremendous sales activity to enormous price growth – and now the industry is in the middle of a sharp correction. Every market analyst and financial institution has offered a forecast of how much more the country’s real estate market could fall. The Royal Bank of Canada (RBC) projects a 25-per-cent decline by the end of next year, while Desjardins economists anticipate a 20-per-cent drop over the next year.

Whatever the case may be, the Canadian real estate market – be it major urban centres or cottage country – is going through an exceptional transition. Nobody…

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Soaring Interest Rates a Big Blow for First-Time Buyers

The red-hot Canadian real estate market is finally cooling down thanks to higher interest rates, and is poised to experience some stabilization after the unprecedented boom of the last two years. Is this a terrific opportunity for households looking to purchase a home, or is ownership still out of reach for many Canadian families?

Canada’s housing sector had been electric throughout the coronavirus pandemic, from skyrocketing real estate valuations to exceptional sales activity. It isn’t easy to find another comparable period in the Canada’s history or perhaps envision another span like it in the future – although markets are cyclical.

But while many Canadian families established generational wealth throughout the COVID-19 public health crisis,…

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Canada Home Prices Expected to Drop 19% by 2023: TD Economics

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…

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Is the Canadian Real Estate Market Coming in for a Soft Landing?

As Canadian home sales activity and prices continue their downward trend, many prospective home buyers want to know where the bottom is… and how hard that landing will feel.

Predicting the end to the slide is anyone’s guess, but the Canadian Real Estate Association’s Senior Economist Shaun Cathcart said there’s an “increasing number of data points I’m watching that could suggest (the real estate market) will have a softer landing as opposed to the harder variety.”

Year over year, the average price of a Canadian home sold in July was $629,971, down 5% from $662,924 in July 2021.

Canadian Real Estate Activity

While home sales were once again down from June to July, the declines were smaller than the ones experienced in the previous four…

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Market Update

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

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…

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Newfoundland Real Estate Frenzy and the Impact on Locals

Is the Newfoundland and Labrador real estate market still sizzling, or is it cooling down like a February evening in the province?

For the last two years, Canada’s housing market has been taken aback by the exceptional growth in Atlantic Canada, heated up by the population boom and the surge in home prices. This was a surprising turn of events because, before the coronavirus pandemic, people were leaving parts of the east coast, and some local real estate markets unable to gather much momentum.

Now it appears that Newfoundland real estate is joining the broader market. Sales activity is strong, though it has eased recently. Price gains remain sky-high, but growth has also eased year-over-year. Overall, the housing boom is…

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Seeking Affordability? Spotlight on Newfoundland Real Estate

The national average home price in the Canadian real estate market hit $796,000

In March, up 11.2 per cent from last year. Price growth slowed slightly month-over-month, but many industry experts project that prices still have room for growth this year. But while the broader housing conversation has been on the affordability crisis impacting many markets across Canada, there are still some relatively affordable parts of the country. Wait a minute. There is still affordability in Canada? Yes. All you have to do is look toward the nation’s east coast, to Newfoundland real estate.

According to the Newfoundland and Labrador Association of REALTORS®, MLS® Home Price Index (HPI), which is considered a more accurate measurement than average or median…

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