Province's housing market slowing down, suggests report

The latest real estate numbers show sales in Newfoundland and Labrador are slowing down, but prices are still up across the board.
A new report from Royal LePage shows housing prices in St. John's are rising, but overall sales are down. (CBC)

The latest real estate numbers show sales in the province are slowing down, but the prices are still up across the board.

St. John's real estate agent Glenn Larkin said the numbers of new homes cropping up across the city means houses are slower to sell, and buyers have more options to consider.

"Multiple offers are very rare now. Right now we're into ... you look at it, you go away, you decide on what you want to do," Larkin said.

"You make your offer, and then you start negotiating and hopefully you get an acceptable offer — pressure is off the marketplace."

A recent report from Royal LePage shows condo prices in St. John's rose seven and a half percent last year, two-story house prices were up 6.8 percent, and bungalows up 5.2 percent — growth that well out-paced most regions of the country.

However, after high sales in 2012, total sales in 2013 are down by 16 per cent so far.

Between the rise in prices and tough new mortgage laws, many people just can't afford to buy.

Larkin said whether a person is buying or selling, the real estate market will continue to be good — as long as interest rates are steady.

"The market's going to continue to be good for, I think, several years for sure — especially while interest rates are stable," Larkin said.

"And we don't see any sign of those changing in the next 24 months."