Ominous October for Moncton area real estate
Upon reviewing the MLS® report for October published by the Canadian Real Estate Association it is obvious to me that the Moncton area residential real estate market has turned into a buyer's market.
October residential units sales were down almost 11% from last October. Residential dollar volume was down more than 13% resulting in the average sale price retreating 2.8% from last October.
October residential units sales were down almost 11% from last October. Residential dollar volume was down more than 13% resulting in the average sale price retreating 2.8% from last October.
On the brighter side, the real estate market in the Moncton area performed better than New Brunswick, where residential unit sales were down 19.7%, as well as Canada which recorded 27% fewer residential unit sales than October 2007.
The average residential sale price in the Moncton area remains lower than the Fredericton or Saint John areas by a few thousand dollars.
For anyone renting it's a good time to make a smart buy. Also a buyer's market favours move up buyers. However a buyer's market is not a good time to downsize.
Comments