Moncton housing market to post consistent growth in 2017

Strong 2016 numbers foreshadow Moncton’s steady performance in the year ahead, according to the city’s real estate association.

Late last week, the Greater Moncton Real Estate Board announced that home sales volume in the Southeastern New Brunswick area (Kent, Westmorland, and Albert Counties) for the whole of last year grew 11 per cent annually, up to 2,886 transactions. Meanwhile, the region’s total sales value for 2016 reached a record high of $458,152,237, a 13 per cent increase from the year before that.

“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 told Huddle Today. “Our market is definitely moving more towards a balanced market over the past few years and that is positive news for 2017.”

“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,” he added.

Wilkins cited data from the Canada Mortgage and Housing Corporation, which showed that Moncton is exhibiting a higher growth rate than either Fredericton or Saint John.

“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 supports 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.”

The Canadian Real Estate Association’s final data release for 2016 revealed that total sales in New Brunswick increased by 7.3 per cent over the year, with the average selling price pegged at $163,793 (up by 2.1 per cent over the year).

MBN

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