Mixed results characterize first quarter of St. John's housing market
ST. JOHN'S, April 8, 2014 /CNW/ - The Royal LePage House Price Survey released today showed mixed results year-over-year in the St. John's housing market.
Average prices for both detached bungalows and standard two-storey homes saw steady increases, rising by 4.1 per cent year-over-year to $302,000 and 4.0 per cent to $408,333, respectively. During the same time period the average price for standard condominiums declined, decreasing by 3.0 per cent to rest at $300,000.
The Royal LePage House Price Survey released today showed small year-over-year decreases for all housing types surveyed in Moncton.
The average price for a standard two-storey home declined marginally, dipping by 1.6 per cent year-over-year to $135,000, while the prices of detached bungalows also lost ground, dropping 3.2 per cent to $153,000.
"Although prices have decreased slightly year-over-year, this is more a function of the significant inventory of homes available on the market," said Carla Bouchard, manager with Royal LePage Atlantic in Moncton. "Moncton is still a very strong market. We saw the value and the total number of sales increase over the same period last year."
St. John`s is an exciting city,` tour guide Eugene Flynn enthuses as our bus rolls through the vibrant downtown. `To your right is 351 Water St., and up ahead is Fortis Place,` he says, pointing to two office towers that are changing the skyline of St. John`s commercial core. The passengers on this bus are business and civic leaders from Moncton. They`re here for the day to help strengthen business ties between Moncton and St. John`s, two cities with similar tales of economic recovery.
Several individuals on the bus played key roles in creating the Moncton Miracle, a phrase used to characterize the resurgence of Moncton`s economy in the late 1990s. Now St. John`s is experiencing its own reversal in economic fortunes, buoyed by megaprojects in mining and energy. This includes the expansion of the White Rose field, a platform that will deliver roughly 115 million barrels of oil and provide $3 billion in royalties to Newfoundland and Labrador.