Vale construction drives Long Harbour real estate market
The influx of thousands of workers helping build Vale’s new nickel processing plant in Long Harbour is having a big impact on the small town's economy — especially the housing market.
Don Bruce experienced the rising real estate market first hand when he decided to sell his old home.
The deal closes Friday, for a price Bruce says is more than double what he thought he could get.
"I wouldn't have sold only for that — only for Vale coming along I probably would never have sold my house," Bruce said.
It's a story real estate agent Carol Burke has heard before.
She said both housing prices and rental rates are on the rise all over the area, from Chapel Arm to Norman’s Cove, Bellevue to Whitbourne to the New Harbour area.
"I'd say within a 40-mile radius, for sure, has been impacted," Burke said.
Burke said most of the people buying are investors who rent out the homes at prices comparable to rates in St. John's.