Home sales in Greater Moncton set a new record in 2020 and it seems there is nothing to stop the market from slowing down.
The current demand is outpacing the supply which is pushing up prices.
Greater Moncton Realtors president-elect Ryan Davison says the trend began after last spring’s pandemic lockdown ended.
“New Brunswick as a whole but definitely in Moncton we’re really getting on the map – if you will – and people are starting to see some of the value which is attracting a lot of buyers from outside of the province.”
Davison says many buyers are coming from Ontario, Alberta and British Columbia where home prices are much higher compared to New Brunswick.
Recent figures show detached homes here start at around $200,000 while a similar home in Greater Toronto would sell for around $1 million.
Davison says many retirees are buying properties but he also sees a big increase in remote workers for whom it doesn’t matter where they live.
Due to COVID-19 restrictions, he adds some are actually buying homes “sight unseen” after getting a virtual tour.
