Indicators include gross domestic product, labour market, household income, retail sales, housing and population. This annual summary provides major economic indicators for the year, and a comparison to the previous year, for the St. John''s metro area.
Today, the City of St. John''s released its Economic Outlook 2024 report, which provides data on several economic indicators for the St. John''s CMA including: GDP, labour market, household income, retail sales, housing starts, and population.
St. John''s MarketBeat Reports. Joanne Earle • 10/18/2024. Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels. Learn more by clicking our most recent St. John''s MarketBeat reports below.
The population of the St. John''s CMA is expected to increase slightly to 216,833 persons in 2022. In the St. John''s CMA, real GDP is estimated to have decreased by 2.4% to $16.1 billion (in $2012) in 2021, mainly due to a 9.6% decrease in offshore oil production, offsetting growth in other sectors of the economy.
The St. John''s Census Metropolitan Area (CMA) economy experienced modest growth in 2023, with most economic indicators holding steady. The St. John''s CMA''s economy, excluding oil and gas extraction, is estimated to have increased by 0.8%, driven by increased employment in the public sector and construction activities related to the Terra
"The St. John''s economy is set for a promising year ahead, according to the latest Economic Outlook report released by the City," said Mayor Breen, council lead for Economic Development. "The resurgence in oil production and sustained construction activities are expected to drive increased economic activity in 2024."
Most economic indicators are anticipated to show positive trends in the St. John''s Census Metropolitan Area (CMA):
"St. John''s continues to thrive, driven by a spirit of innovation and resilience," added Mayor Breen.
The Economic Outlook report also summarizes the final 2023 economic indicators for the St. John''s CMA, prepared by the provincial government''s Department of Finance. The Economic Development and Partnerships Division provides a variety of economic and statistical information, including an Economic Review/Outlook twice a year in addition to a monthly Economic Snapshot.
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The City of St. John''s has released the 2023 Economic Review, its annual report on economic indicators for the St. John''s Census Metropolitan Area (CMA).
"Our economy showed signs of improvement in many indicators last year," said Mayor Danny Breen, Council Lead for Economic Development. "The population grew, retail sales increased, unemployment is down, household income is up, and the St. John''s economy is expected to return to growth in 2024."
The St. John''s CMA economy is expected to return to growth in 2024. Oil production is expected to rebound; construction activities associated with the West White Rose project are anticipated to ramp up; and spinoff effects from increased oil production are anticipated to increase economic activity in many service sector industries in 2024. However, persistent inflation may force the Bank of Canada to delay interest rate cuts; this has the potential to further reduce consumer spending, investment, housing starts, and residential construction activity within the region.
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The biggest factors contributing to the housing shortage in this region:• Not enough listings coming on the market• Lack of new construction• Construction delays as a result of labour shortages and increased material costs• Exclusionary zoning/land availability
On September 4, the Bank of Canada will share its next interest rate announcement. Another rate cut will mean lower monthly mortgage payments for new buyers and those renewing, making it easier for prospective buyers to qualify and feel confident entering the market. This may contribute to increased demand this fall.
The St. John''s, Newfoundland housing market has made price and sales gains in 2021, with seller''s market conditions expected to continue through the end of the year. This largely echoes activity in the rest of Canada, where seller''s market conditions have been identified in 26 of 30 regions analyzed in the RE/MAX Fall 2021 Housing Market Outlook Report.
Single-detached homes saw the greatest increase in prices, up 8.4% YoY (from $343,070 in 2020 to $371,970 in 2021). Townhomes rose 2.8%, from $247,432 in 2020 to $254,462 in 2021. Condominiums were the only property segment to see a decline in average price, down 1.9% YoY, from $261,425 in 2020 to $256,415 in 2021.
However, sales in the region have been brisk across all property types, with detached-home sales up 60.4% YoY, condominium sales up 75.7%, and townhome sales up 94.1%. The most common type of property purchased in 2021 was single-detached houses, a trend that is expected to continue through the remainder of the year.
It is anticipated that detached homes in the St. John''s housing market will experience a price increase of 1% in the remaining months of 2021, while condominium and townhome prices will hold steady.
According to Teri-Lynn Jones and Jim Burton, owners of RE/MAX Infinity Realty, "come from aways," either originally from Newfoundland and Labrador or with a connection to the region, continue to fuel segments of the St. John''s housing market and surrounding areas, along with a combination of retirees, and families who have the ability to work from home.
Month-over-month listing inventory and average days on market (DOM) have been on the decline. "For nearly 30 months, we have seen a decrease in inventory, however COVID-19 has changed other factors of our market, such as demand for listing inventory and a spike in multiple offers, particularly on properties that are move-in ready," according to Jones and Burton. "We expect these conditions to remain steady for the fall and winter of 2022."
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