^ That is correct - Eventually a lot of the old substandard housing in the West & Central areas will have to be replaced with something else, most likely more townhousing or small apartments. Many of them are fire traps with not much thought for design or quality when they were built.
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News about the St. John's Housing Market - Last month there were over 50 new housing starts, but demand is even higher.
Quote:
St. John's housing market turns red hot
'Homes are disappearing overnight,' frustrated buyer says
The promise of new megaprojects is spurring a red-hot St. John's housing market, as the number of available homes hits an all-time low and market demand increases.
Housing prices are expected to rise 12 per cent this year, according to data from realty company Remax.
"Paying well over the bid price is more and more the norm," Hann said, adding that he's personally seen people pay up to $7,000 above asking price, which had been unprecedented in the market in previous years
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http://www.cbc.ca/canada/newfoundlan...ng-avalon.html