Forecasting real estate in any town, city, region or country is extremely difficult. Why? Because there are many moving parts. This is not a forecast and should not be taken as such. Let’s delve into the real estate forecast (Housing supply and Price trends) for New Brunswick, Canada over the next five years:
Housing Stats: Its no news that there are more renters and home buyers than homes in Canada. According to the New Brunswick Finance & Treasury Board, housing statistics are projected to increase by just 0.8% in 2023 and then decline by 2.1% in 2024. Growth in housing starts is expected to be modest, with an annual projection of 0.5% from 2025 to 2027. Meeting the target of 6,000 housing starts annually may take until 2077.
Price Trends: The average house price in New Brunswick stood at 297,481 Canadian dollars in 2023. While specific predictions for the next five years vary, experts anticipate continued price increases. However, it’s essential to monitor market dynamics closely, as external factors can influence these trends.
Putting New Brunswick within the national context. Canada’s housing market has been a hot topic, fueled by low interest rates and population growth. While the breakneck speed of recent years may ease, neither buyers nor sellers should expect a complete reversal. National home prices are exhibiting signs of stabilization, and the rise in housing supply gives buyers more options and potential negotiating power.
This short article and the links provided highlights directions the real estate market may go. You do not have to use any of these ideas, forecasts or stats to make financial decisions. In summary, New Brunswick’s real estate market is influenced by broader Canadian trends, cautious optimism, and regional variations. Keep an eye on market shifts and consider professional advice when making real estate decisions.
*The information provided here is for educational purposes only. Consult real estate, financial and legal professionals before making any financial or real estate decisions.
*This is not intended to solicit Buyers or Sellers under contract