Artboard 6@3x

The 2016 Census Canada population results were released recently.  Here are some quick facts about Real Estate in Newfoundland:

  • Newfoundland Population:  516,716* people.  A whopping 1% increase since the 2011 census.  Seriously, what’s going on in Alberta?  11.6% increase.  We ought to be outpacing them big time, given how much time we spend indoors, especially after this winter!
  • Dwellings:  Well, that’s a bit loosely defined, but it’s basically the number of “households” in the Province.  Currently around 265,739*.  That equates to 2.4 people per household.  ¡No bueno!.  Me, my wife and 40% of a child.  The previous bullet point reinforced!  We either need more Cialis, less world class curling on T.V. (Lord, I hope Brad’s win at the Brier and the World’s finally gets his highway finished), or a lot more tourists who rave about the beauty of this great province to actually move here!  We’re supposed to have a bumper Iceberg season this year.  That might help :)
  • Real Estate Agents in NL:  Currently 827’ish**.  It’s tough times folks.  However, you never know when your favourite agent left the industry for a steady paycheque because oil cratered!  They don’t report on “Active Agents.”  Homes are still selling, however, there is definitely price pressure, especially with more expensive homes.  New construction starts have also continued to slide from a peak of 2,862 in 2013 to under 1,300 for 2017 and 2018***
  • Active homes for sale in NL:  4008**.  That’s 1.5 houses for sale for every 100 houses in the Province.  (Not including houses that were on the market and withdrew the listing because the property tax assessment didn’t correlate with current market realities).
  • Number of homes per Real Estate Agent:  4.85.  If that number were accurate everyone would quit their current job and write the Real Estate exam.  Truth is…it’s all about Pareto Distribution; thanks, Vilfredo Pareto!  80% of the homes being sold in Newfoundland are being sold by only 20% of Real Estate Agents.  Is your agent working hard, or, hardly working?

*Source:  Statistics Canada, February 6, 2017

**Source:  www.realtor,ca, April 16, 2017

***Source:  Gerald Walsh, Economist, RBC Economics, March 2017