A great turnout by members of the Mount Pearl – Paradise Chamber of Commerce who met with Chris Janes,5 Things to Know About The St. John’s Housing Market 2020 Articles CMHC to discuss the 2020 housing market and the overall economy. Many were interested in learning how 2019 compared to previous years, and how economic factors such as population, employment, wage growth GDP affected the markets.
So what are the 5 key points about the St. John’s Housing Market in 2020?
New home builds are continuing to fall since their peak in 2012.
The average price of resale homes down over 10% from the 2014 peak.
Demand has risen since last year.
Inventory of homes for sale in St. John’s has fallen.
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St. John’s is the 2nd most affordable home market in Canada.
During the presentation by Chris Janes, Senior Analyst, Economics at CHMC, Chamber members learned about the local real estate market and economic outlook for 2020.
Sponsored by Brad Bragg, Realtor® Royal LePage Vision, the session, based on solid analysis and industry knowledge helped explain the condition of local real estate markets.
Construction of new homes for sale is continuing to fall since their peak in 2012. In previous years, new home builders were holding large amounts of unsold newly finished homes. This amount of inventory has been slowly selling, and new home builds are beginning to change, to satisfy the current market demands. In large part due to new homes for sale are smaller sizes, with a lower selling price. While most homes are standard three-bedrooms, more new homes for sale are being built with two-bedrooms and a builder has attempted to sell a one-bedroom home model. As new home builders continue to adjust to lower average home prices, new construction is hoped to ‘turn a corner’ with more new homes for sale.
The average price of resale homes down over 10% from the 2014 peak. While in 2019, average home prices were down -2% from the previous year, they are still far from their previous peak. This is mainly due to more sales being at lower price points < $300,000 with an average price of $289,651. The Greater St. John's Area markets continue to be at attractive values compared to the rest of Canada.
Demand has risen since last year.