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Bidding wars are the norm in St. John\u2019s as Newfoundland and Labrador set a new benchmark for home sales in October, a time when other Canadian markets were either balanced or still stuck in recovery mode.<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||11px|||” hover_enabled=”0″ text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n By Josh Sherman<\/a>\u00a0<\/span>| 4 minute read<\/p>\n [\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||26px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2024\/11\/This-Canadian-Housing-Market-Is-Having-a-Record-Setting-Fall-.jpg” alt=”The number of homes on the market continues to climb in major Canadian cities giving some buyers a shot at a discount.” title_text=”This-Canadian-Housing-Market-Is-Having-a-Record-Setting-Fall-” align=”center” force_fullwidth=”on” _builder_version=”4.24.2″ _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-18px||2px|||” custom_padding=”||7px||false|true” custom_padding_tablet=”||7px||false|true” custom_padding_phone=”|15px|7px|15px|false|true” custom_padding_last_edited=”on|phone” text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n St. John\u2019s, N.L., is in the midst of a homebuying frenzy as more first-timers are stepping onto the property ladder this fall. <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” min_height=”791.1px” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” min_height=”765.1px” custom_margin=”||-48px|||” custom_padding=”6px||68px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n As national homes sales in October clocked in at the highest level for a single month in two-plus years and some previously weaker markets returned closer to balanced conditions, one part of the country was setting a new record for activity.\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n In St. John\u2019s, home to about a third of the province\u2019s population, sales were up 29.3%. First-time homebuyers are largely driving transactions in the metro area, says Mark Gosse, a local realtor<\/a> with Royal LePage Atlantic Homes. \u201cIt\u2019s supply and demand,\u201d he tells Wahi. \u201cWe\u2019ve only got so many houses here.\u201d <\/span> <\/span><\/p>\n <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” height=”30px” custom_margin=”||-6px|||” locked=”off” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” module_id=”sell-widget” _builder_version=”4.24.2″ _module_preset=”default” background_color=”#f0faf4″ custom_padding=”0px||0px||false|false” da_popup_slug=”sell-widget” da_disable_devices=”off|off|off” global_module=”300579″ global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.24.0″ _module_preset=”default” background_enable_color=”off” module_alignment=”center” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2024\/04\/Frame-7115.png” title_text=”Frame 7115″ src_tablet=”” src_phone=”https:\/\/wahi.com\/wp-content\/uploads\/2024\/04\/Frame-7115-1.png” src_last_edited=”on|phone” _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” header_font=”Poppins|700|||||||” header_line_height=”44px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”center” custom_margin=”||10px||false|false” header_text_align_tablet=”” header_text_align_phone=”center” header_text_align_last_edited=”on|phone” header_font_size_tablet=”” header_font_size_phone=”30px” header_font_size_last_edited=”on|desktop” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget h1{|| font-weight: 700 !important;|| font-size: 30px;||}” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”22px” text_line_height=”26px” header_font=”||||||||” header_line_height=”26px” header_2_font_size=”22px” header_2_line_height=”26px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”left” custom_margin=”||30px||false|false” text_font_size_tablet=”” text_font_size_phone=”18px” text_font_size_last_edited=”on|phone” text_orientation_tablet=”” text_orientation_phone=”center” text_orientation_last_edited=”on|phone” module_alignment_tablet=”” module_alignment_phone=”center” module_alignment_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n We’ll match you with a proven agent in your area.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/wahi.com\/ca\/en\/find-a-realtor-in-your-area” button_text=”Learn more” button_alignment=”left” button_alignment_tablet=”” button_alignment_phone=”center” button_alignment_last_edited=”on|phone” _builder_version=”4.24.2″ _module_preset=”default” custom_button=”on” button_text_size=”12px” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”|700|||||||” button_use_icon=”off” custom_margin=”||||false|false” custom_padding=”10px|20px|10px|20px|true|true” button_text_size_tablet=”” button_text_size_phone=”13px” button_text_size_last_edited=”on|phone” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget a.et_pb_button{|| font-weight: 600 !important;||}||||@media (max-width: 600px){||#sell-widget a.et_pb_button{||display: block;||text-align: center;||}||}” global_colors_info=”{}” custom_css_main_element_last_edited=”on|phone” custom_css_main_element_phone=”font-weight: 800 !important;||display: block;||text-align: center;” custom_css_main_element_tablet=”font-weight: 800 !important;”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”29px||0px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\n While the benchmark price of St. John\u2019s home in October \u2014 which was $365,300 soared 10.3%, prices remain relatively affordable compared to markets such as Toronto and Vancouver. However, with prices continually increasing, some homebuyers may be motivated by the fear of missing out, Gosse adds. \u201cI can see that weighing on people.\u201d\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Although some homebuyers are coming from more expensive Canadian markets, Gosse says, sometimes they can\u2019t handle Atlantic Canada\u2019s harsher winter weather. \u201cSomeone coming from Ontario<\/a> and B.C. or somewhere, they quickly pack up and leave, they don\u2019t want to stay \u2014 it\u2019s not for them, [home] price or not.\u201d<\/span><\/p>\n \u00a0<\/span><\/p>\n A seasonal slowdown is expected over the holidays, but the market is still firing on all cylinders, a trend Gosse anticipates will continue in the New Year. \u201cI don\u2019t really see much of a major slowdown,\u201d he says. \u201cUsually it slows down around November,\u201d he tells Wahi. \u201cBut I\u2019m still seeing inquiries, it\u2019s still busy, there are still multiple offers going on.\u201d<\/span><\/span><\/p>\n <\/p>\n After St. John\u2019s, the next-largest year-over-year sales increases were observed in Peterborough, Ont., where sales were up 20.8%, and Vancouver, which saw sales surge 19.6% relative to September, <\/span>notes Scotiabank Economics<\/span><\/a>. Rounding out the top five were the Fraser Valley at 19.5% and Saint John, N.B.<\/span> <\/p>\n According to Wahi\u2019s latest Market Pulse report, 70% of homes that changed hands in October <\/span>sold for below the asking price<\/span><\/a>, and 88% of neighbourhoods remained in underbidding territory. A remaining 9% of neighbourhoods were still overbid, and 4% were selling at-asking. \u201cSpecifically the more sought-after areas are still trending quite strong,\u201d says Allardyce.<\/span><\/p>\n <\/p>\n Allardyce credits lower interest rates as the main driver of the increase in activity across the GTA<\/a>. \u201cThe build-up of these interest-rate cuts, we\u2019re starting to see the effect of it,\u201d says Allardyce. Moving forward, <\/span>new mortgage rules<\/span><\/a> \u2014 including a higher cap on insured mortgages that should help more homebuyers enter the single-family market \u2014 should translate to stronger demand.<\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/em><\/p>\n <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”33px||33px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Josh Sherman” image=”https:\/\/wahi.com\/wp-content\/uploads\/2022\/11\/Screen-Shot-2022-11-02-at-7.46.57-PM.png” icon_placement=”left” _builder_version=”4.18.0″ _module_preset=”default” header_font_size=”24px” header_line_height=”1.2em” body_text_color=”#686E6E” body_line_height=”0em” width=”550px” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone” module_alignment=”left” custom_padding=”2px||13px|||” header_font_size_tablet=”24px” header_font_size_phone=”20px” header_font_size_last_edited=”on|phone” header_line_height_tablet=”1.2em” header_line_height_phone=”1.4em” header_line_height_last_edited=”on|phone” custom_css_blurb_image=”width:64px;” global_colors_info=”{}”]<\/p>\n Wahi Writer<\/p>\n [\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing module_class=”wahi_socialsharing_2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” height=”30px” locked=”off” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#ffffff” custom_padding=”5px||3px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||19px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||23px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_blog_extras posts_number=”3″ include_categories=”23,21,22″ blog_layout=”masonry” meta_date=”M j” excerpt_length=”0″ show_more=”off” show_author=”off” category_color=”#686E6E” show_comments=”off” module_class=”zoom-blog” masonry_columns_tablet=”” masonry_columns_phone=”1″ masonry_columns_last_edited=”on|phone” _builder_version=”4.18.0″ _module_preset=”default” filterable_category_font_size=”20px” active_filterable_category_font_size=”20px” header_font=”Lato||||||||” header_font_size=”1.25rem” header_line_height=”1.88rem” meta_text_color=”#686E6E” meta_font_size=”16px” custom_css_title=”font-weight:900!important;” custom_css_post_meta=”margin-top:-32px!important;” locked=”off” global_colors_info=”{}” custom_css_title__hover_enabled=”on|desktop” custom_css_title__hover=”font-weight:900!important; 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<\/span>The Newfoundland and Labrador Association of REALTORS\u00ae <\/span>reports that 726 homes changed hands<\/span><\/a> in the province last month. That may not sound like much compared to major markets such as Toronto or Vancouver, where thousands of transactions occur each month, but it set a new benchmark for the Atlantic Canada market. \u201cThis was a substantial increase of 37.5% from October 2023,\u201d the association notes. \u201cThis was also a new sales record for the month of October,\u201d the association notes.\u00a0<\/span><\/p>\n
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<\/span>Bidding wars are common, he adds, noting he saw one listing attract 25 offers about a week ago. The most coveted homes are in the $200,000 to $500,000 price range, particularly those with basement apartments, he says. \u201cYou\u2019ve got a lot of people fighting over those.\u201d <\/span>These homes allow first-time buyers to afford a bigger house. \u201cThe income from the basement is going to supplement your income,\u201d he adds, noting, \u201crents are going crazy, too.\u201d<\/span><\/p>\n
Population growth has also juiced the market. In 2023, the St. John\u2019s metro area\u2019s population increased by 2.1% in 2023, according to the city<\/a>, but the pace of homebuilding slowed contributing to a supply squeeze for renters and buyers alike. \u201cA lot of people are moving here,\u201d Gosse says.
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<\/span>Toronto \u2014 by far Canada\u2019s biggest market by sales volume \u2014 trailed just behind, with transactions climbing 14% annually. <\/span>
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<\/span>Wahi Partner Realtor Grant Allardyce notes that while sales are up annually in the Greater Toronto Area, they\u2019re coming from multi-year lows. \u201cFor the most part, we\u2019re not in this crazy offer-night situation where homes are being listed well below market value and you\u2019re getting 20 offers,\u201d he tells Wahi. \u201cI like to tell [seller] clients that the sundae is still there, but the cherry on top is gone,\u201d Allardyce adds.<\/span><\/p>\n
<\/span>If the Bank of Canada embarks on another cut at its next scheduled announcement on Dec. 11, Allardyce\u2019s hopeful for a stronger market in the spring \u2014 at least for single-family homes. \u201cI\u2019m very optimistic on what we\u2019ll see,\u201d he continues.\u00a0<\/span><\/p>\nYou might also like<\/h2>\n
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