Housing prices rise in Saint John
02.07.2008 18:03
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- Source: cbc.ca
The usually flat real estate market in Saint John, N.B., is reaching heights the port city has never seen before, local realtors say. "Often times you're having five, six, sometimes even more offers on the same property," said realtor Martha Lister. "So [it's] very much a bidding war." According to Canadian Mortgage and Housing Corp. projections, the average resale price of a home in Saint John will reach $145,000 by the end of 2008. In 2005, the average amount paid was $119,718. "At one time you could buy a home between $80,000 and $100,000 and now it's becoming almost impossible," realtor Pam DeCourcey said. Affordable houses are selling fast and getting multiple offers to the point they being sold for far above the asking price, Lister said. The prospect of building a second refinery in the city is already luring out-of-province investors to Saint John, realtors told CBC News. Many properties are being sold before they're even finished, which is further forcing prices up, realtors said. Christene Sooley has been looking to buy a home in the Saint John area since selling her house in nearby Hampton. Her Hampton home was bought after being on the market just two weeks by a buyer who didn't even come to see the property, said Sooley, who is now struggling to find another place to live. "The market is very tough," she said. "There's really not a lot of properties in the area at a decent price." RelatedInternal LinksINTERACTIVE: Real estateConsumer HeadlinesTomatoes may not be source of salmonella outbreak: U.S.The American government is widening its hunt for the source of a major U.S. salmonella outbreak, turning its focus beyond tomatoes to other fresh produce.Consumers to pull back from spending 'like drunken sailors,' TD report suggestsCanadian consumers over the next two years are expected to rein in their spending habits as the job market softens and the real estate market cools, according to a TD report.Moving day leaves some families in sheltersHousing activists say about 11 Montreal families were left homeless in the wake of Quebec's annual moving day.California's safflower crops bloom in low-water yearHaving to make due with less water, California farmers are reassessing their planting of tomatoes, cotton, corn and other water-intensive crops.Safety group wraps up study of donairsDonairs, a popular late-night snack in Halifax, are coming under new safety guidelines this summer. Consumer Life FeaturesCRUDE AWAKENINGSPricey oilFrom bloomers to bagels, the trickle down costENERGYGasolinePeculiar pump price protestsTECHNOLOGYDesign softwareThe building blocks of LegoBLOGFood BytesHunting for the perfect fruitBLOGComm-OdditiesLife fetches $384,000 on eBayPeople who read this also read …
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