There are definitely positive signs that our market maybe turning around:
According to CMHC, our working age population is the key to driving our local housing market and this population grew by +0.7% last year with an increase of 1,300 workers.
Not only did the working poplulation increase, but so did the average weekly earning, which is up by +2.8% to $1,004.00
So how is our market doing overall? Well we are hanging in there. Prices have dropped considerably over the last few years, but didn’t drop as much in 2018 as previous years…another positive sign.
CMHC says that 2018 likely hit market bottom with uncertainty fading.
CMHC also reports that although our economy is challenged, it is rebounding. Here is a chart showing the past, current & future project that are generating wealth in NL. Impressive I think when you see them all listed. It also shows that our GDP growth should be positive in 2019.
To view or downloand all the stats in more detail by Chris Janes of CMHC, click the specific report below:
CMHC 2018 – The Key Drivers of the Market
CMHC 2018 – New Homes Market
CMHC 2018 – Multiple Listings Residential Market
CMHC 2018 – The Rental Market
To chat with Chris Janes directly about anything that is happening in our Real Estate Market, here is his contact info:
Chris Janes, MBA
Senior Analyst, Economics
If you are a home owner waiting to sell, there is light at the end of the tunnel. The signs are there that prices won’t continue to drop much more or not at all. We still have a high inventory of homes for sale and it will most likely continue to be a buyers market for another while into 2019, but the overall signs are positive just the same.
It’s still a great time for buyers to take advantage of the lower prices. Because we may have likely reached the bottom market prices, if you are considering buying, now might be the right time to get the best deal.
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Marie French, Realtor
Senior’s Accredited Agent
Royal LePage Atlantic Homestead
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