Moncton Continues To See N.B.’s Highest Home Prices
Moncton is continuing to see the highest home prices in New Brunswick, according to a new survey. The latest Royal Lepage house Price survey shows a 29 percent increase in prices over the last year.
Homes in the Hub City now cost an average of $382,900, compared to $296,000 one year ago. Saint John saw an increase of nearly 24 percent, from $222,250 to $274,800 on average. In Fredericton, home prices have climbed from $277,000 to $328,100 over the past year, an increase of 18 percent.
Phil Soper, president and CEO of Royal LePage, said they expect prices will continue to climb in the months ahead due to the “relentless low supply-high demand imbalance.”
“We are seeing the first signs of moderation in some regions, as more inventory is becoming available and competition eases slightly,” Soper said in a news release.
The new survey comes a week after the Bank of Canada increased the interest rate by 50 basis points to one percent.
Soper said while the increase will be a “drag” on demand, its impact will be “relatively minor” compared to the impact of higher home prices.
For more information follow the link below: