Consumer confidence will galvanize Atlantic Canadian market

Steady consumer confidence will fuel strong housing performance across Atlantic Canada this year, according to an analysis by RE/MAX of Ontario-Atlantic Canada Region.

“Consumer confidence is on the upswing in Atlantic Canada and that is translating into stronger home-buying activity in residential real estate markets,” RE/MAX of Ontario-Atlantic Canada Region executive VP and regional director Christopher Alexander said.

“Greater economic prosperity (the Maritimes are expected to lead the country in GDP growth in 2019), combined with interest rate stability and first-time buyer incentives are tipping the scales in favour of home ownership yet again.”

Much of the renewed confidence will arise from robust economies and falling unemployment, especially considering the strong fundamentals in larger urban centres “as well as spillover in several smaller markets.”

“The Atlantic Region traditionally has the highest rates of home ownership in the country and we don't expect that to change anytime soon,” Alexander added.

Immigration will play a central role, as 60% (9 out of 15) of the region’s markets are enjoying increasing activity among buyers from other parts of Canada. Newfoundland/Labrador and New Brunswick are also seeing growing traffic from returnees, after having worked in Alberta’s oil and gas industry.

First-time buyers were also found to have a major influence in nearly 70% (10 out of 15) of the markets surveyed during Q1 2019.

“First-time buyers – many of whom are Millennials – are behind the push for housing, with many seeking to capitalize on the low interest rate environment along with provincial government assistance programs before values climb.”

 

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