Business
Moncton housing market posts small price declines in second quarter
Strong unit sales growth offsets lower average prices for area homes MONCTON, NB , Jul...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n\nStrong unit sales growth offsets lower average prices for area homes\n\n\n\nMONCTON, NB, July 14, 2015 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed moderate price softness among housing types surveyed in Moncton.\n\nDetached bungalows and standard two-storey homes both declined in average price in the second quarter, dropping 1.1 per cent to $148,000 and 1.5 per cent to $150,000, respectively. \n\n\"Despite the price softness, Moncton has been a busy real estate market, with unit sales up almost 10 per cent so far this year,\" said Carla Bouchard, Manager, Royal LePage Atlantic.\n\nAccording to Bouchard, the region faces economic challenges including a tough labour market and limited migration. However, there are expectations that the situation may improve in coming years as new ship building contracts are signed and unconventional oil deposits in the area are developed.\n\nLooking ahead, Bouchard forecasts the continuation of a stable housing market for the remainder of the year. \"Home prices are likely to continue to remain largely consistent with last year. Some new two-storey builds may help push average prices for this category up, but for the most part we expect things to remain steady,\" noted Bouchard.  \n\nNationally, against the backdrop of mixed economic signals at home and abroad, Canada's real estate market remained healthy in the second quarter of 2015, with solid national average price appreciation across housing segments. Furthermore, the combination of high sales volumes and vigorous price appreciation in Canada's largest cities has put the national residential real estate market on track for a record year in terms of total sales. With most Canadian real estate markets across the country advancing modestly, and some rapidly, Royal LePage advises that a further interest rate cut by the Bank of Canada could over-stimulate markets such as greater Toronto and Vancouver.\n\nDuring the second quarter, the average price of a home in Canada rose between 3.9 per cent and 7.5 per cent year-over-year in the second quarter. The detached bungalow segment had the highest national increase, rising 7.5 per cent year-over-year to $438,938, while standard two-storey homes appreciated 6.8 per cent to $471,002. During the same period, the average price of a condominium ...