I think we can all agree that Newfoundland is a special and unique place in Canada. There is no other place like it and there are many reasons to live here.
Real estate prices have gone up significantly since 2008 and single family houses can now be found in the $300,000 range whereas just a few years ago the same home would have gone for around $200,000. Condos have also been hot as well for the last few years with numerous new projects and rental apartment conversions in the works.
All this activity has been fueled by the oil boom in the province with all the offshore activity and other industrial projects keeping the economy going. Tourism is also a large part of the increase in real estate activity with many foreign buyers snapping up summer homes in places like St. John’s.
The average price for houses in June of 2014 was $294,158 which was a 2 percent increase from the same time last year while the actual number of sales was slightly lower than last year.
For the multifamily market things have leveled out and we have a more balanced market with sales increasing in the lower end price ranges and decreasing in the higher end prices. For all the statistics you could ever want check out the Newfoundland section of the Canadian Real Estate Association website
According to Larry Hann, a top St. John’s realtor, the local market is always changing to adjust to variations in the oil industry and other industrial projects. There is a bit of a boom and bust dynamic going on, although it isn’t quite as bad as Alberta. That is why it is extremely important to use the services of an experienced realtor that has seen all the ups and downs of the local economy. If you don’t do your homework you could be over paying for your home. Larry has a ton of great information on his website here
Since many people from Newfoundland move to Alberta to work in the oil and gas industry, Larry keeps in close contact with many Alberta realtors. If you are making the move and are planning to stay for the long term, he recommends Robert Eskiw of RE/MAX real estate in Edmonton, and Carmen Paradis of RE/MAX in Calgary.
Now back to Newfoundland, here is a good video from realtor Richard Butt that explains why you may want to consider buying a home in the winter. As you probably know most people tend to buy and sell in the spring or fall, with the summer being a little bit quieter because of people going on holidays.
I will add more pictures and videos later