Here is a quick update on the Newfoundland and Labrador real estate market from last fall:
Q: What is the biggest challenge facing the industry right now?
A: “There are several challenges. The biggest one is probably the relentless focus on the ‘overheated Canadian housing market’ and the potential impact on personal debt levels. The recently announced changes to mortgage rules, for example, were an attempt to deal with issues in two markets. The unintended consequences of those changes on the rest of the country, including here in Newfoundland and Labrador, could significantly impact the buying power of certain first-time buyers. We heard from a variety of panelists on this issue and they all agreed that reducing personal debt levels of Canadians could be much more effectively accomplished through other means focused on such things as credit cards and other consumer credit products. Home ownership helps Canadians build wealth and save for retirement — which should be something supported by governments, not undermined.”
Find listings of power of sale and bank owned homes in Newfoundland.