Greater Moncton Home Prices Ease In August
MONCTON — Home sales in Greater Moncton were down almost 26 percent last month compared to August 2021 with 316 units sold.
But Greater Moncton Realtors president Mike Power says home sales are still in line with long term averages.
“While sales were down significantly from August 2021, sales rebounded slightly from July totals,” said Power.
“The number of newly listed properties continues to decline while sellers try to reconcile their expectations with the new realities of our local market.”
Power noted the Bank of Canada’s dogged pursuit to bring inflation back down to its target range has resulted in an ever-shrinking pool of buyers.
As a result, it appears that sellers may be waiting for the market to stabilize before listing their homes.
“Although market balance is technically still in favour of sellers, it has changed drastically over the past few months and may well move into balanced territory for the first time since 2018,” he added.
As expected, with fewer buyers bidding on properties, prices have started to ease off their recent highs.
The average price of a home in Greater Moncton was $327,300 in August, a 3.1 percent drop from July but still a sizeable gain of 23.4 percent compared to August 2021.
Allan Dearing is a reporter with 91.9 The Bend in Moncton, a Huddle content partner.