Moncton real estate expected to be seller’s market in 2024

Natalie Davison, a Moncton-based realtor, says the inventory is at the lowest point she’s had in the past 12 months.

Financial experts are predicting interest rates will begin to drop later in the year and Davison said that should kick-start the market.

“Lower interest rates is going to mean an increased demand and I see just more of a seller’s market, low inventory in Greater Moncton this year,” said Davison.

Mike Power, the incoming chair of the New Brunswick Real Estate Board, said overall volumes were a little lower than last year, but above historical sales.

Power believes it should be a seller’s market in 2024, too.

“Prices seem to be holding,” said Power in an email. “Demand is still high, but inventory is historically low, so sellers are not as aggressive, as finding a replacement property may be difficult.”

Realtor Mandeep Singh said the high demand and very few listings will mean home prices will likely rise, which is great news for sellers.

“We are expecting a dip in the interest rate in the late second quarter so that means once there’s a decrease in the interest rates people are going to have more affordability,” said Singh.

A home for sale is pictured in Moncton, N.B. (Derek Haggett/CTV Atlantic)

So, who’s buying?

Singh said newcomers are buying semi-detached homes, while investors from Ontario and British Columbia are purchasing income properties.

“We know during COVID the interest rate was below two per cent which made the market very crazy, but it’s not going to be that crazy right now,” said Singh.

Immigration to the province, and in particular the Moncton area, remains strong, according to Power.

“There are lots of buyers around,” said Power.

The region is still seeing an influx of people from elsewhere in the country, which was the case during the pandemic, but Davison says the sense of urgency isn’t the same as what it was a few years ago.

“We do still have plenty of folks that are moving to New Brunswick for our lower cost of living and real estate prices from other markets,” said Davison. “The biggest hold up for those folks is selling their home in say Ontario or whatever market is affected by high interest rates.”

Davison said she has a list of buyers who are waiting to sell their properties and move here.

As for how the market will shape up in 2024, Davison highly recommends keeping an eye on Toronto.

“What’s happening n Toronto is going to have an effect on what’s happening here,” she said. “If the market picks up in Toronto and people are able to sell their houses very quickly for high prices, a lot of those folks are selling those homes and moving east.” 

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