Moncton named the top place in Canada to buy real estate

The Canadian online magazine Money Sense has released a report with some very good news for the City of Moncton.

The 2022 edition of the magazine's “Where to Buy Real Estate in Canada” listed the Greater Moncton area as the top place in the country for home buyers.

That news revealed what many local realtors already knew — homes in the Greater Moncton market are still in demand.

The report by Money Sense says the benchmark price — which includes attached and detached homes, townhouses and apartment units — was a little over $302,000 for 2021. That's $425,000 below the national average.

Moncton realtor Natalie Davison said home ownership is part of the Canadian dream.

"You see that you get a significant amount more buying power if you come to an area like Moncton,” said Davison.

“So many folks from across Canada who are priced out of their market still want that identity, that dream they had growing up, hoping for, so they're making the move out east.”

The price of a home in Greater Moncton has never been more expensive, but it's still relatively cheap compared to the Greater Toronto area and Vancouver.

So, is price the only factor?

Moncton realtor Martin Gallant said there are a lot of job opportunities in the city right now.

"For people that are looking for a slower lifestyle, but still want opportunities, they can grow and fulfil their careers [here],” said Gallant.

“Industrial parks are filling up here, there's tons of development and construction and that brings opportunities everywhere else."

Davison said the region is attractive to people from Ontario and out west who have never lived close to an ocean before.

"Many people from across Canada haven't had that opportunity, so you see people able to go to the beach everyday. There are certain lifestyle choices and so many folks are able to work from home," she said.

It's not just the Greater Moncton area that is hot. Two other cities in the province made the list as well. Saint John came in seventh spot in the survey while Fredericton was eighth. The benchmark price for a home in those cities is over $252,000.

"Often times when we get buyers coming in from out of province, they're not only looking in Moncton, they're looking for a house that fits their needs," said Gallant.

"That can be Saint John, Fredericton, or it can be in Nova Scotia or on Prince Edward Island. It's nice to see that for a province as a whole, property values are going up and affordability is staying put."

The report also stated newcomers to the country are attracted by the abundance of space — part of the reason why the city's benchmark price for a home has grown over 98 per cent in the past five years.