New rules protecting wetlands in New Brunswick could limit future development in Moncton, pushing prices upward, says a local Realtor.
Chris Constantine, president of the Greater Moncton Realtors, voiced his concern over the rules at an annual gathering of realtors, according to the Times & Transcript.
The wetland policy would limit the land available, he said at the conference, thus increasing the cost for free land to developers and with it, the cost of new homes.
There is not a shortage of housing supply, however. There was still more than a yearâ€™s worth of housing inventory available in Moncton in December, although that figure dropped to eight months by January, according to the Greater Moncton Realtors.
The average price for a home was $155,546 in January, up 3% from a year earlier.
According to the Times & Transcript, Constantine remarked that prices in Moncton will spike to approach the cost of pricier homes in places like Saint John and Fredericton in a few years if land development stays restricted due to the wetlands policy.
When Moncton is no longer considered such an affordable option for new homebuyers, demand could significantly decrease, he said.
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