Canada Mortgage and Housing Corporation (CMHC) is forecasting that new single home starts in Newfoundland and Labrador will be down 17.4% in 2009 from 2008. Re-sales of existing single family dwellings is expected to drop 14%.
-srbp-
Canada Mortgage and Housing Corporation (CMHC) is forecasting that new single home starts in Newfoundland and Labrador will be down 17.4% in 2009 from 2008. Re-sales of existing single family dwellings is expected to drop 14%.
-srbp-
9 comments:
And this comes as a surprise to anybody?
Helloooooo....We are in a global economic slowdown.
But Newfoundland is the Granite Planet, so whatever happens in the economy on Earth is irrelevant. Danny has cast a protective bubble over the province and Labrador, or a magic wizard spell or something.
Bad news for NFLD. You and Wally and Simon must be some pleased that things are not going good.
Note page 7 of the report:
"Considerable house price growth in
this market has triggered a
slowdown in the movement of
renter households to home
ownership and this is expected to
continue throughout 2009."
What we never see from the Williams government are measures to deal with the growing bubble mentality here, and the associated social struggle that results. The ugly side of a "booming" "oil" economy is that home ownership increasingly becomes the preserve of rich people. And transient oil industry professionals soak up a lot of the housing stock too...their bosses pay the rent and for the most part and are indifferent as to price.
The result of all this is the little guy here in NF, who is not associated with the oil and gas economy, see his quality of life decline. And his dream of buying a decent house, dissipate.
@ Anonymous 1815;
Thanks for fullfilling my prediction about the pitcher plants and their partisan attacks increasing as the reality of the province's economic situation starts to sink in.
As you would know if you been reading regualrly, I've been preaching fiscal prudence and pointing out the downturn long before most people around here realised it.
In fact it's only been in the past two weeks or so that the provincial government has been acknowledging what has bene obvious for a long while to anyone paying close attention.
@ Allan:
The CMHC prediction flies in the face of the forecasts from the local construction industry that the province is in some kind of bubble.
The part you cited is in the section on multiple units, if memory serves.
The local economy - at least as measured by new home starts - though isn't really booming due to the oil industry. That's been coming mostly from other sources like internal migration and Alberta money.
Bear in mind: Hebron is at least three years away if not longer. It hasn't started yet.
Bear in mind: Hebron is at least three years away if not longer. It hasn't started yet.
Nothing could be further from the truth. According to some well-informed anonymous and pseudonymous internet commenters, and radio callers, the Hebron deal is why there's a surplus, a big big surplus.
the three bum buddies (Hollett, Lono and WJM) would wet themselves if this province went into a tailspin. I can just picture the three of them prancing about high fiving and pating each other on the arse....with that image, I believe I'll go and vomit now.
keep it up, Anonymous 2145. You just tell the world more about yourself all the while.
Anonymous coward, nothing could be further from the truth. There is no tailspin, there is no recession, the province is insulated from the global meltdown because of its resource industries, everything is rosy. Danny, Jerome, and Ryan say so. Who are mere mortal negative people to say otherwise?
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