What to Expect in Moncton’s Real Estate Market in 2017
MONCTON – This year, Moncton real estate could see a continuation of the growth started in the last few months of 2016.
According to Greater Moncton REALTORS du Grand Moncton board, the positive direction of 2016 set up a good start for 2017. While 2016 started off slow, by May the market was set up to break records into the end of the year.
“Once the train started, for the most part, we saw year over year records when comparing monthly stats into the end of the year,” board president Trent Wilkins said. “Our market is definitely moving more towards a balanced market over the past few years and that is positive news for 2017.”
In 2016, the total number of unit sales for Southeastern New Brunswick (Kent, Westmorland and Albert Counties) was 2886, an 11 per cent increase from 2015. The total dollar volume of sales broke an all-time record with a total of $458,152,237 transacted, representing a 13 per cent increase from 2015.
“When we compare the HPI (House Price Index) to our average sale price, it paints a picture that represents an incremental pricing trend increase of 1.87 per cent versus an average sale price that is up 2.3 per cent from 2015. Regardless of the statistic we use, the overall pricing trends saw positive movement upwards in 2016,” Wilkins said.
Wilkins credits the steady real estate growth in Moncton, compared to Saint John and Fredericton, to the city’s multicultural nature and younger demographic. He says that many are choosing Moncton because it’s so central compared to the other cities, calling it “the hub of the Maritimes.”
He says that while Greater Moncton is experiencing growth across the area, the city’s North End, in particular, has shown significant growth, along with Dieppe and parts of Riverview.
While 2015 was more of a buyer’s market for Moncton, with nearly 4,700 products on the market at one point during the year, the market has since transitioned into a more balanced one.
“Right now we’re down to close to 2,000. So our average day on market now is right around 90 [days], where it used to be about five to six months,” Wilkins said. “When you get enough buyers for the amount of product and the product seems to sell in a shorter period of time, that’s when they call that market a balanced market.”
Wilkins says that data from the Canada Mortgage and Housing Corporation (CMHC) has indicated that Moncton is showing faster growth than Saint John and Fredericton.
“With the numbers going in the right directions, we are anticipating that the more balanced approach to our market will result in positive things for 2017,” Wilkins said.
“Greater Moncton has been seeing economic activity that support the direction our market is going in. The economic development officials are all painting a picture to say this trend will continue in the Greater Moncton area and our realtors are ready to serve consumers to get them the property of their dreams.”