Tuesday, December 11, 2007

Newfoundland real estate market booming

Due to the increasing revenues from natural and non-renewable resource projects in development or about to get underway in the granite province, the inevitable has begun to happen in Canada's youngest province.The jobless rate is on the decline and the housing market is on the rise. As the price of oil remains high, the major

players in the industry are all trying to et a stake in the vast resources our province has to offer. This naturally has the effect of better paying jobs and a willingness from consumers to buy big ticket items such as houses.

A quick drive through any of the larger populated areas will no doubt surprise any visitor or former locals returning home. Houses are going up everywhere. All news reports point to the fact that there is not enough skilled trades to keep up with the demand for new housing. This is leading to increasing purchases of older homes that are move in ready and may need only minor work to convert it to be adequate accomodation.

In the area of Gander, it has been said that the cost of building new homes over the past 4 years has risen by an average of 15% per year. Will the boom end anytime soon? Probably not as the current government seems intent on developing the province as a major leader in the production of oil and hydroelctric generation.

The opportunity to invest is present for any savvy entrepeneur!
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