New Brunswick Home Sales Set New June Record, Defy National Trend
Though national home sales had the biggest monthly drop in seven years last month, that wasn’t the case for provincial home sales in New Brunswick according to the latest numbers from the MLS records.
Nationally, MLS home sales were down in 70 per cent of Canadian markets in June 2017, with sales declining nationally 6.7 per cent, according to the Canadian Real Estate Association.
But in New Brunswick, it’s a different story. The number of homes sold through the MLS Systems of real estate boards in the province increased 10.6 per cent on a year-over-year basis to 925 units in June 2017. This was the highest June sales figure ever for New Brunswick, and the third highest of any month on record for the province, according to the New Brunswick Real Estate Association.
“The market for homes in New Brunswick remains among the most affordable in Canada, in a real estate market that has not been subjected to wide price fluctuations that have influenced other markets such as Vancouver or southern Ontario,” says Robert Stewart, president of the New Brunswick Real Estate Association, in a release.
“The unknown factor going forward may be how rising interest rates impact homebuyer confidence” Stewart noted. “But that won’t alter the fact that our housing market remains affordable and a good investment, especially for first-time buyers.”
The number of home sales in New Brunswick in June was up on a year-over-year basis in all areas of the province, with sales gains in Moncton up 17 per cent; Saint John up 12.9 per cent; Fredericton up 4.8 per cent and the northern region up 2.4 per cent.
On a year-to-date basis, home sales in New Brunswick totalled 3,958 units over the first half of the year, up 6.9 per cent from the same period in 2016. This is tied with 2008 for the second best first half to any year, trailing only 2007.