New Brunswick Housing Market ‘Exploded’ During COVID-19, Real Estate Board Says

0
12


The New Brunswick housing market is alive and well, although it is in the midst of a pandemic.According to the Canadian Real Estate Association, 1,230 homes were sold across the province in June – a 25.4% increase from last year and the highest level of any month in history .

“Right now, we are experiencing a market in the last couple of months like no other,” said Sharon Watts, general manager of the Fredericton, Inc. area real estate board, which extends to in Perth-Andover, Oromocto and surrounding areas.

In June, the Fredericton area saw a 53% increase in home sales compared to last year. The Northern region saw a 25% jump, while the Greater Moncton and Saint John regions saw increases of 21% and 5%.

Why are so many people buying houses?

Watts said the year started as “another banner year” in January and February, with a slight increase in the number of home sales starting in 2019.

Then the pandemic struck at the end of March and the number of sales fell. After the restrictions were lifted in May, sales slowly started to rebound.

Then in June, the housing market “exploded”.

“He bounced back like no other,” she said. “It’s a catch-up. ”

At the same time, sellers also received higher bids of as little as $ 100 to $ 60,000 above the asking price.

The average price of homes sold in New Brunswick hit a record high of $ 199,327 in June, up 14% from last year.

A sellers market

Kelly Murdock, of Gardiner Valley Realty in Oromocto, has been a real estate agent for 15 years. She has never seen a year like this.

“This is the first time in my career that we have had such a predominant seller market,” she says.

Because of this, Murdock said people who aren’t generally looking to sell might have listed their home anyway, adding a bit more variety to the market.

“People who maybe looked at things and didn’t see what they wanted, started to see things that would not traditionally be on the market,” she said. “Something unique, something different. ”

And with a low cost in interest rates and housing compared to other Canadian cities, people are buying homes in New Brunswick from across the country.

She recently had five virtual purchases from people who hadn’t seen the house in person. Many times the offers will be presented the same day or a day after listing a home.

“When something happens, the first thing is, ‘let’s go now’. And second, “is it available?” ” “, Did she say.

Not enough houses for sale

But there are still not enough homes to make up for the number of people looking to buy them.

In a press release, the Canadian Real Estate Association said approximately 1,534 new residential listings had been added in New Brunswick as of June 2020. That number fell 3.6 percent from year to year. the other.

“When you get a listing that’s in a hot area and the price is right, it goes fast,” Watts said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here