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.
Citing fresh data from the Canada Mortgage and Housing Corporation, board president Trent Wilkins said that Moncton’s growth rate remains better that that of 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 told Huddle Today
“Greater Moncton has been seeing economic activity that supports the direction our market is going in,” he added. “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.”
Wilkins explained that this development became most apparent when using the year-over-year statistics, which serve as a better barometer of a city’s long-term prospects.
“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 stated.
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).
Overlooked market sees full year of monthly price gains
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Sales volume in Moncton and the surrounding region broke records in 2016 to reach an unprecedented $458,152,237, representing a 13 per cent annual increase and foreshadowing the city’s steady performance in the year ahead.