Posted by Moishe Alexander
Resilient consumer spending, large capital projects
and improved employment will continue to support the St. John’s region housing market
throughout the remainder of 2009 and in 2010, 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 2009 at 1,675 units, with 1,800 starts forecast for
2010. The resale or MLS®1 market will post 3,450 sales by the end of this year and reach
the 3,575 level in 2010. The average MLS® house price is expected to end 2009 at
$215,500 compared to $187,571 in 2008 and increase to $225,500 in 2010.
“Despite the recent global economic uncertainty, strong fundamentals will continue to
support demand for housing throughout the remainder of 2009 and in 2010,” said Chris
Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Overall, the
positive outlook for the St. John’s area housing market will be reinforced by favourable
trends in demographic and economic fundamentals, as well as on-going economic
momentum fuelled by a lengthy list of major capital projects,” 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.