Labrador West ‘bubble has burst’
House prices and rents in Labrador West are tumbling with the decline in the mining sector. The area, known as the iron ore capital of Canada, was booming but in the last few years the price of the mineral has dropped 60 per cent. Landlords and those looking to sell their homes have seen prices fall; realtor Tammy Elliot told CBC that prices have plummeted 25 per cent in the last few months. She says that while it’s still possible to sell at a profit the figures are far lower than those who saw their property values escalate as much as ten times in a decade.