Posted on Monday April 22, 2019

The Moncton real estate market: a wealth of opportunities waiting to be snatched up

The Greater Moncton area real estate market is one of the most accessible markets among Canada's large urban zones. In collaboration with Chantal Albert and Marc-André Arsenault, both real estate agents who have been working in the region for several years now, here is a profile of this red hot market.

Is Greater Moncton currently a buyer's or seller's market?

Right now, the Moncton real estate market is considered to be balanced according to Marc-André Arsenault. We're seeing a big improvement in market conditions over the last year. Two or three years ago, a wide range of properties were available, which made it more of a buyer's market. But selection has decreased over the last year: fewer people are putting their property up for sale and the number of buyers is increasing, which is balancing out the market. It's a good time to buy or sell a property?

New or used construction? Which one offers us the most for our money?

According to Chantal Albert, we generally get more value out of opting for a used property in the Greater Moncton market. If we look at the construction permits delivered over the last few years, we can see that several apartments under construction are destined for the rental market. The construction costs of new builds has increased over the last four years, so you generally get more value with a recent property, but not necessarily a new one.

Do men and women look for the same things in a property?

According to our agents, women are more likely to look at the layout of the spaces and the quality of the finishing work, particularly in the kitchen. As for the men, they assess the siding, the roof, the basement and the garage. They are also very interested in the property and the landscaping. And according to our specialists, when the buyers are a couple, the woman's opinion is often the one that tips the scales!

Future sellers: how to get the best price for the property

It is important increase the appeal of your property in order to make it as attractive as possible to the greatest number of buyers. Consult your real estate agent to determine which improvements are worthwhile before starting any renovation projects. At the moment, buyers are really looking for light-filled spaces with light colours such as pale grey and various shades of white. We also advise that you declutter and depersonalize the space as much as possible, by removing furniture that is too large or very personal objects such as family photos.

Future buyers: how to prepare to buy a property

Get in touch quickly with your financial advisor to assess your borrowing capacity (or use our calculator). Next, establish the criteria that is most important to you, like the number of rooms, the neighbourhood and the style of the property. We then advise you to go through the process of getting preapproved for a mortgage loan. You will then be able to validate your actual budget and take advantage of the best opportunities that will come along on the market. When a beautiful house goes on the market and the seller is motivated, the sale can be concluded within a few days with a preapproved mortgage loan. It's therefore better to be ready before beginning your search! explains Mr. Arsenault.

What type of property is growing the most in value at the moment in Moncton?

Semi-detached properties have seen their average value go from $169,000 to nearly $194,000 over the last two years. Because they suit several market segments, such as first-time buyers, single people or families, they sell for about $100,000 less than their detached equivalents. explains Ms. Albert. Furthermore, several municipalities of the region, like Dieppe, favour the introduction of this type housing to increase the density the territory. The demand for this type of property should therefore follow supply and continue to increase in value.

The Moncton market: accessible?

According to our two specialists, the Moncton-Dieppe region is particularly accessible.  We're seeing more and more people coming from large urban centres like Toronto, Montréal or Vancouver and settle down in the region. They have access to property, live close to their work and often have a better quality of life for the same salary. This accessibility is also advantageous for young people, even in their early twenties. We see some young people in their thirties with children that are on their second, and sometimes even their third purchase. They have often acquired their first property in their early twenties, which is not something you see everywhere in Canada.

We can help you buy or sell a property. Make an appointment with an advisor to get all the necessary information.