New Brunswick loses its place as the most expensive province in Canada to buy a home |  CBC News

New Brunswick loses its place as the most expensive province in Canada to buy a home | CBC News

Rising property prices over the past three years have cost New Brunswick its position as the cheapest province in Canada to buy a home.

This address now belongs to Saskatchewan.

According to data compiled by the Canadian Real Estate Association (CREA) and released last month, the calculated record price for a home sold in New Brunswick in April, including homes, townhouses and condominiums, was $313,700.

This is 34.2 percent more than the previous year and almost double the prices in the county than they were three years ago.

This multifamily home on the West Side of St. John sold for $115,000 in November, 2020. After renovations, it’s back on the market with an asking price of $404,000. (Robert Jones/CBC News)

Home sales in New Brunswick in 2022 weren’t as frenetic as they were in 2021 with deals about 17 percent below last year’s record levels, but most everything listed is sold and prices remained solid, according to St. John’s real estate agent Marcus Bauer.

“The number of buyers has slowed, but there are still multiple offers on each listing,” Bauer said.

“I write offers that are rejected every day.”

Record prices have also hit construction pieces. This plot of land on Anchorage Street in St. John sold for $169,000 in May 2021. It was resold and sold in May of this year for $202,000. (Robert Jones/CBC News)

The New Brunswick housing market became active during the COVID-19 pandemic as thousands of Canadians moved east in search of cheaper housing, more space or a different lifestyle.

Thousands of immigrants have also arrived from abroad which has led to even greater population growth in the county in more than 40 years.

Statistics Canada now estimates that 804,000 people live in New Brunswick, an increase of 31,000 in the past three years.

The influx has increased the demand for housing which has resulted in the cost of owning a home and renting an apartment.

This duplex on Colonial Drive in Moncton was sold in January 2021 for $260,000. It returned to the market and was resold in March 2022 for $437,000. (Street view from Google)

Prices are up across the county, but more sharply in the Moncton area where the record price for a single-family detached home in Dieppe in April hit a record $480,000. That’s up to $128,000 from last year.

“Upward pressure on prices remains firm,” Mike Power, president of Greater Moncton Realtors, said in a news release about record prices in southeastern New Brunswick.

Market conditions are still far from equilibrium in our region.”

There are still bargains in the province.

Prices in northern New Brunswick are 35 percent below regional averages, although those prices have jumped significantly in the past three years.

A protest outside a Fredericton apartment building on Main Street in February. The rising cost of real estate sparked protests in New Brunswick over the past year as record selling prices affected both homebuyers and renters. (Ed Hunter/CBC News)

According to CREA data, the total record sale price for a New Brunswick home three years ago in April 2019 was $172,200. It was the cheapest among the provinces by a large margin at the time and much lower than Saskatchewan, which had a standard home sales of $258,900.

However, April of this year saw prices in New Brunswick $141,500 higher than they were three years ago, and at $313,700 prices have now been picked up and surpassed in Saskatchewan.

It now has the cheapest intercountry housing price at $295,000.

New Brunswick home prices are still the cheapest in Atlantic Canada, remaining less than half the national average.

In Canada, the record sale price for a home in April was $746,146.

2022-06-07 09:00:00

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