B4G Property – Newfoundland and Labrador
Back 4 Good – Your future in Newfoundland members have enquired around the cost of property and renting in Newfoundland and which is the best option if you are taking up a fresh offer in the province.
B4G Property has had a look at the current market and it makes for interesting reading.
The number of homes sold in the region of Newfoundland and Labrador was just over 200 units in April 2018, this was a decrease of 19.85 from April 2017 and marked a 15 year low for April sales.
The total year-on-year homes sales figure was just over 800 units over the first four months of the year this edged down 1.8% from the same period in 2017.
Residential activity in the capital was down 19% on a year-over-year basis in April 2018 while activity in the rest of the province fell a similar 20.2%.
There was just over 1000 new residential listings in April 2018. This was an increase of 10.9% on a year-on-year basis. This was the highest number of new listings added to the market on record for April (source association of realtors).
On the rental side prices are very competitive with excellent options across the province with the following examples for members.
- Topsail Road St John’s Condo 1004 sqft 2 bed $1,800 CAD per month
- Forest Road ,St John’s 2 bed $750nCAD per month
- Markland Avalon $595 CAD per month
- Bay Roberts 2 beds 700 sqft $650 CAD per month.
- Water Street St John’s 1600 sqft condo $2,600 CAD per month
- Baker Street St John’s 4 beds 3 baths $ 2,750 CAD per month
In general Newfoundland house and rental prices are on a downward curve due to a number of key factors,
- Depressed oil prices contributing to economic weakness and uncertainty
- Tepid new home constructions activity
- A weaker outlook for employment forcing some employees to look outside Newfoundland
The good news for members who wish to take up opportunities in Newfoundland is that prices are indeed very competitive and the early indicators for the economic future of Newfoundland are encouraging.
The new Hebron offshore oilfield will be introduction this year which will bring a significant return of energy and resource investment activity and as Oil prices gradually rise as global supply realigns the province will see rises in property and rents from 2019 onwards.
With property prices low now is the tome to consider living and working in Newfoundland and Labador.
If you require any further assistanceor advice contact Back 4 Good today on this platform.