East Coast Market Update

east coast

From WREN Club Member Darlene Smith:

In the last few years, most of Canada saw a steady rise in property prices - but not in the Atlantic provinces - until COVID. This month Greater Moncton, NB, made the top place to buy real estate in Canada, per MoneySense and Zoocasa. The 2022 edition of the magazine Where to Buy Real Estate in Canada listed the Greater Moncton area as the top place in the country for home buyers. "Wow! I never thought that would happen." Says our colleague Darlene Smith

Prices have increased 20-30% and around 50-60% of properties are being sold to out-of-province buyers. Partly due to a slower pace, work-from-home options, and relatively low population density. The province just reached a population of 800,000 for the first time. We also have the most seniors as a percentage of total population. Yes, a great place to retire.

Homes in the Greater Moncton market are in demand. Still generating multi offers, winning offers over asking price, with the supply very low. The benchmark price — which includes attached and detached homes, townhouses and apartment units — was a little over $302,000 for 2021. That's $425,000 below the national average which translates into significantly more buying power.

Two other cities in the province made the top list as well. Saint John came in the seventh spot in the survey while Fredericton was eighth.

If you'd like to be part of the Greater Moncton real estate market as an owner or investor, Contact Darlene 506-866-6394 or email darlene.smith@exprealty.com

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