Home sales hit historic high in New Brunswick
With home sales hitting an historic high in New Brunswick, realtors say the affordable housing prices have Canadians from across the country looking east to purchase property.
According to the New Brunswick Real Estate Association, 925 units were sold in the month of June alone.
Vice-president Sheila Henry says the housing market in the province remains affordable, making it a good investment for first-time buyers.
“If you look at June 2016 to June 2017, our sales are up 12.9 per cent,” says Henry. “Last year it was more of a buyer’s market, and I think sellers were a little hesitant to accept some of the offers, but this year, sellers have come back onto the market with more of a realistic price.”
Realtors say that affordability is attracting buyers from all over Canada, and not just to New Brunswick, but to the Maritimes.
The Canadian Real Estate Association compared the average price of a home for the month of June in cities across the country. Vancouver ranked at over $1 million while Toronto housing prices came in just under $800,000. It’s a much different story in the Maritimes; the average price of a home in Halifax is $290,000, while homebuyers in Saint John will shell out less than $190,000.
“Some people, you know, all they can afford in some of these larger markets are very small condo apartment footprints, versus having a yard and things that some people want in their home,” says Jason Stephen, a real estate agent in Saint John.
Stephen says he’s been receiving more phone calls from clients out west, thanks to more listings and low interest rates.
“Obviously we don’t have the same level of population so there is not as many people fighting for the same house,” says Stephen.
“I think a lot of people are starting to realize that the Atlantic provinces as a whole have a whole lot more to offer, with regards to lifestyle and affordability,” says Henry.
With files from CTV Atlantic's Mary Cranston