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Larry Estabrooks, Independent Agent, REALTOR® is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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Canada Day 2009 - No fireworks this year in the Metro Moncton real estate market
2009 thus far has not been a banner year for the residential real estate market in "Metro" Moncton.
Total residential unit sales reported in the City of Moncton is down almost 28% year-to-date. Moncton's share of total unit sales in Metro year-to-date has shrunk to 59% from 64% for the same period in 2008.
However the number of reported sales in Dieppe stands out like a Roman candle. While overall the number of sales reported in metro are down almost 22%, unit sales in Dieppe are down a mere 8%. Of greater significance, reported sales of new construction units in Dieppe is up 32% year-to-date from 2008.
So real estate is rockin' and rollin' in Dieppe. If the rain holds off this evening I might take in the performance of The GTO Band at the Célébrations de la Fête du Canada / Canada Day Celebrations behind the Dieppe City Hall. Gimme that old time rock 'n' roll.
I've just prepared the graph below to illustrate the monthly units sales in Metro Moncton.
However the number of reported sales in Dieppe stands out like a Roman candle. While overall the number of sales reported in metro are down almost 22%, unit sales in Dieppe are down a mere 8%. Of greater significance, reported sales of new construction units in Dieppe is up 32% year-to-date from 2008.
So real estate is rockin' and rollin' in Dieppe. If the rain holds off this evening I might take in the performance of The GTO Band at the Célébrations de la Fête du Canada / Canada Day Celebrations behind the Dieppe City Hall. Gimme that old time rock 'n' roll.
I've just prepared the graph below to illustrate the monthly units sales in Metro Moncton.
Should you own or rent your home
Owning your home is a long term strategy. Renting should be a short term strategy. In either case the payments should fit your budget. It's all about affordability and ideally you should not spend more than 30% of your total income on housing. If you like to crunch the numbers try the Rent or Buy Calculator at Canada's Office of Consumer Affairs web site.
Or if you would like to discuss your housing strategy with a real estate professional, I invite you to contact me. There is affordable housing in the Moncton area.
The chart below was prepared by Statistics Canada from the 2006 Census. In the Moncton Census Metropolitan Area 43.8% of renters are spending more than 30% of their total household income on shelter costs compared to only 13% of owners.
So, in the long term, in which group would you like to be?
Or if you would like to discuss your housing strategy with a real estate professional, I invite you to contact me. There is affordable housing in the Moncton area.
The chart below was prepared by Statistics Canada from the 2006 Census. In the Moncton Census Metropolitan Area 43.8% of renters are spending more than 30% of their total household income on shelter costs compared to only 13% of owners.
So, in the long term, in which group would you like to be?
Spring 2009 Rental Vacancy Rate Declines
I'm not surprised the Spring 2009 Rental Market Report by the Canada Mortgage and Housing Corporation reveals the vacancy rate in the Moncton CMA fell by 1.4 percentage points from last Spring to 4.1% this year. This vacancy rate decline occurred even though the rental universe grew by 1.3% from the Spring of 2008.
In my January post - Buyers Seem to be Waiting - I stated that buyers seemed to be waiting and renters were under no pressure to purchase. The year to date residential sales numbers seem to reflect this trend. Up until now it seems the First-Time Home Buyer Incentive announced in January's Federal Budget has not motivated many to leave their rental accommodations.
Below is a graphic from the CMHC report.
In my January post - Buyers Seem to be Waiting - I stated that buyers seemed to be waiting and renters were under no pressure to purchase. The year to date residential sales numbers seem to reflect this trend. Up until now it seems the First-Time Home Buyer Incentive announced in January's Federal Budget has not motivated many to leave their rental accommodations.
Below is a graphic from the CMHC report.
South-East New Brunswick Real Estate Market Report - May 2009
Real estate market information is important. I regularly discuss the numbers with my buyer and seller clients.
Unit sales of residential properties were down again in May, by 25% from 2008. The rest of the story is that the number of new listings coming on the market in May was down by 19% from last year. This resulted in a May sales to new listings ratio of 58%, which historically is a good number. The number of active residential listings at the end of May was almost identical to last year. Although sales have been consistently lower year to date, the number of active listings is not higher than last year.
So the current real estate market conditions are: typical number of listings from which to choose, no upward pressure on residential housing prices and lower monthly payments due to mortgage interest rates at historically low levels. In a nutshell, a balanced market that slightly favours buyers.
Unit sales of residential properties were down again in May, by 25% from 2008. The rest of the story is that the number of new listings coming on the market in May was down by 19% from last year. This resulted in a May sales to new listings ratio of 58%, which historically is a good number. The number of active residential listings at the end of May was almost identical to last year. Although sales have been consistently lower year to date, the number of active listings is not higher than last year.
So the current real estate market conditions are: typical number of listings from which to choose, no upward pressure on residential housing prices and lower monthly payments due to mortgage interest rates at historically low levels. In a nutshell, a balanced market that slightly favours buyers.
Here is a graph to illustrate residential sales year-to-date.
Moncton - A Demographic Portrait
Today I attended a very insightful presentation by Marc Melanson, Regional Advisor with Statistics Canada. Some of the topics covered included demographic characteristics of the population, such as immigration, age, language, labour force and mode of transportation to workplace, income and shelter costs. The main demographic changes observed between the 2001 and 2006 censuses were also highlighted.
I'll post a couple of the most interesting visuals when I receive a copy of the presentation.
I'll post a couple of the most interesting visuals when I receive a copy of the presentation.
Moncton CMA New Housing Starts May 2009
Total housing starts declined in the Moncton CMA by 40% from last May. Fredericton fell 55% while Saint John starts rose 30% in May. This brings the year to date housing starts in the Moncton CMA to 39% behind 2008. Fredericton is down 12.7% and Saint John is down just 2.3%.
Here are three charts I prepared to illustrate the year to end of May numbers supplied by the Canada Mortgage and Housing Corporation for the Saint John CMA, the Moncton CMA and the Fredericton CA.
Here are three charts I prepared to illustrate the year to end of May numbers supplied by the Canada Mortgage and Housing Corporation for the Saint John CMA, the Moncton CMA and the Fredericton CA.
Metro Moncton Real Estate Market Report - May 2009
Reported MLS® sales of existing residential properties are down in Moncton, Dieppe and Riverview.
Year to date unit sales of existing housing are now off 27% in Moncton (265), 18% in Dieppe (89) and 16% in Riverview (85).
The chart below shows the monthly gap in unit sales for all three municipalities with May sales widening even further.
Home By The Sea
I am representing the owners of this ocean view chalet in Grande-Digue, Kent County, New Brunswick which is listed for sale at $319,900 (now $299,000) on the Multiple Listing Service®. This impressive custom built residence is designed for year round living and offers many features not found in ordinary houses.
Find the full details at www.GrandeDigue.info.
View this video taken from the main floor patio:
View this video taken from the bluff overlooking the private beach :
Moving to and from Moncton
Relocation trends for the Moncton Census Metropolitan Area
The busiest part of the 2009 relocation season is upon us. Some are leaving the local housing market and some are taking up residence here. I have many more clients arriving than leaving. As has been the trend in the last few years, from near and far, people are relocating to the Moncton area . Positive migration numbers have fueled population growth and the local housing market.
When Moncton achieved CMA status for the 2006 census, one of the benefits was more detailed population statistics. Statistics Canada shows that between 2001 and 2006 the largest area of net in migration occurred from areas not in census metropolitan area. In other words the largest and most positive net movement came from all the smaller centers. The next largest movement took place between Moncton and five other Census Metropolitan Areas. Here is a link to the stats.
Below is a graphical representation for the five most active CMAs showing the migration that took place between 2001 and 2006 . We gained more from Saint John but lost more to Halifax.
Housing Sales Trends in Dieppe
MLS® unit sales for the four months of 2009 - City of Dieppe
These numbers make Dieppe the statistical star for housing thus far in 2009.
For buyers there is an ample supply of housing units to chose from, the majority of which are less than 10 years old.
Here is the breakdown of current residential MLS® listings in Dieppe by age:
- 74 new
- 84 less than ten years old
- 75 more than ten years old
