The housing market in New Brunswick appears to be moving towards a more balanced state after experiencing high prices and quick sales exceeding listing prices in recent years. Statistics from the Canadian Real Estate Association indicate a 2.1% decrease in the number of homes sold last month compared to September 2024.
Kim Hunter, a realtor in the Saint John area and director of the New Brunswick Real Estate Board, noted that market conditions are shifting towards a more balanced state, although still slightly favoring sellers. Home sales for September were 11.5% below the five-year average and 8.4% below the 10-year average.
According to Hunter, the market is approaching a balance between supply and demand, with homes now taking around seven to ten days to sell. While prices are still on the rise, they are increasing at a more moderate pace compared to previous years.
The average price of a home in New Brunswick is currently $341,101, with variations in different regions:
– Fredericton area: $331,061
– Greater Moncton area: $375,504
– Saint John: $386,276
– North and valley regions: $242,428
Hunter highlighted that the north and valley regions contributed to balancing the market, offsetting declines in house sales in other areas. In September, sold-over-asking-price percentages were 104% in Saint John, 99% in Fredericton, 96% in Moncton, and 93% in the north and valley region.
Advice for new buyers includes doing thorough research, obtaining a pre-approved mortgage before house hunting, and seeking the assistance of a knowledgeable real estate agent. Understanding personal needs and expectations for a first home purchase is crucial.
Despite a slight decline in national home prices, New Brunswick remains an attractive province for homebuyers due to its relatively lower housing inventory prices compared to the Canadian average.
