Fredericton's market being pushed by demand from seniors: Royal LePage

Standard condominiums rose 8.3% year-over-year in the first quarter of 2011 to an average price of $157,000. Detached bungalows rose 5.5% to $192,000 over the same period, and the price for standard two-storey home was up 0.7% to an average selling price of $206,500.

Nationwide, the national average price rose 4% for a condo, 3.5% for a two-storey home, and 4.3% for a bungalow, according to the Royal LePage survey.

Lincoln Thompson, broker and owner of Royal LePage Gardiner Realty, said an increase in demand from the 55-plus population has especially pushed demand for bungalows and condos in Fredericton.

“Although we have seen an increase of supply from new construction, popular developments built over the past few years are attracting first-time buyers eager to take advantage of low interest rates,” he said.

Unit sales were down in the first quarter for Fredericton, but Thompson attributed that result to unusually poor weather.

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