#1 Moncton Real Estate Blog

Moncton Casino Location Revealed

Larry Estabrooks - Agent — 2008-07-15T21:11:08Z

Yes, it's in Moncton city limits. And yes it's within sight of our famous Magnetic Hill. Its name is Casino New Brunswick and its web site is www.casinonb.ca. And its theme is .... lighthouses.

The casino complex will be comprised of three separate and distinct buildings - a hotel, the Palladium (a multifunction entertainment and convention centre), and the casino. The buildings will be connected by an interior corridor that allows internal access to all three buildings.

(Here is a Google map link)

Department of Finance Canada's New Mortgage Insurance Rules

Larry Estabrooks - Agent — 2008-07-09T19:16:37Z

Effective October 15th a Canadian home buyer's ability to get a government back mortgage for 100% of their purchase price will end. The maximum amortization period will be reduce from 40 to 35 years. learn more here:
http://www.fin.gc.ca/news08/data/08-051_1e.html

Metro Housing Starts Lead the Province

Larry Estabrooks - Agent — 2008-07-09T11:58:28Z

Housing Starts in Metro Moncton - June 2008 YTD

Multiple starts, which include semi-detached homes, are up 30% while single detached starts are almost identical to 2007.
The Moncton CMA once again leads all New Brunswick urban centers in June and leads in total starts year to date.
The Moncton CMA is third in the Atlantic region year to date with 609 starts, just behind St. John's (620) with Halifax (1035) well ahead.
Strong new home sales portend further positive numbers for housing starts in the Moncton CMA.

Larry Estabrooks is an independent real estate agent in Moncton, New Brunswick, Canada

for contact information: www.LarryEstabrooks.com/contact/

(preliminary figures provided by Canada Mortgage and Housing Corporation)

June 2008 year-to-date
610- - 549- - 488- - 427- - 366- - 305- - 244- - 183- - 122- - 61- - 0-
		Saint John	Moncton	Fredericton	Other
	2008
	2007

A visit to the Select Committee on Tax Review

Larry Estabrooks - Agent — 2008-07-08T20:00:38Z

On Monday I made a quick visit to the Moncton public hearing by the New Brunswick Select Committee on Tax Review. I observed the presentation by the City of Moncton and I learned a lot in a short time. I also came to realize that just about everyone is blaming the real estate market for the horror of assessment spikes and soaring property taxes.

If a spike is supposed to be an abrupt increase or rise, then I'm here to report that there has been no spike in the real estate market in the City of Moncton. The numbers are just not there. Yes there have been steady increases in the average sale price in the order of 5-6% over the last three years. But that's it. Now some areas of the city may be more and some may be less.

I've done an in depth analysis to separate fact from fiction and you can see it here:

http://mymoncton.info/averages.htm

Soaring Residential Construction in Moncton

Larry Estabrooks - Agent — 2008-07-09T12:00:20Z

Wow! City of Moncton approves 301 residential units year to end of May representing a 41% increase over 2007.
(and for that matter 2006 which showed 215 units YTD)
Now they may not all be started yet, but soon. If you build it they will come.

Building Permits Approved - City of Moncton

Residential Construction
	May			Year-to-date
	2008	2007	% Chg.	2008	2007	% Chg.
Permits	123	110	11.8%	253	245	3.3%
Units	106	76	39.5%	301	213	41.3%
$ Value *	$9,030	$6,944	30.0%	$25,608	$19,442	31.7%
* In thousands
Institutional & Government Construction
	May			Year-to-date
	2008	2007	% Chg.	2008	2007	% Chg.
Permits	4	5	-20.0%	20	17	17.6%
Units	0	0	-	0	0	-
$ Value *	$435	$119	265.5%	$2,563	$3,325	-22.9%
* In thousands
Commercial & Industrial Construction
	May			Year-to-date
	2008	2007	% Chg.	2008	2007	% Chg.
Permits	31	48	-35.4%	109	134	-18.7%
Units	0	0	-	0	1	-
$ Value *	$2,298	$10,180	-77.4%	$7,319	$18,228	-59.8%
* In thousands

BUILDING PERMITS: Grand Total **
	May			Year-to-date
	2008	2007	% Chg.	2008	2007	% Chg.
Permits	158	163	-3.1%	382	396	-3.5%
Units	106	76	39.5%	301	214	40.7%
$ Value *	$11,763	$17,243	-31.8%	$35,490	$40,995	-13.4%
* In thousands
** Residential, Institutional & Government,
and Commercial & Industrial Construction combined

New Home Sales Drive Moncton Real Estate Market

Larry Estabrooks - Agent — 2008-06-11T21:32:33Z

Residential sales are up in the city of Moncton year to date by 20 units, 17 of which were new homes.

Worth noting is that unit sales of new homes represent 25% of all residential units sold.

New home buyers in particular should avail themselves of their right to representation in their new home purchase.
New home buyers need to understand that the builder's agent is representing the builder.

Larry Estabrooks
"Your Local Expert"

Month	Average List Price	Average Sale Price	Sale to List Price	Average List Duration	# Sales
City of Moncton - all residential sales
MAY-2008	154751	150042	97%	73 days	144
APR-2008	162331	157398	97%	88 days	102
MAR-2008	158821	154005	97%	89 days	99
FEB-2008	165019	159114	96%	102 days	89
JAN-2008	163545	157890	97%	85 days	55
Averages:	160014	154913	97 %	86 days	489

Month	Average List Price	Average Sale Price	Sale to List Price	Average List Duration	# Sales
MAY-2007	158345	153730	97%	86 days	133
APR-2007	150588	146373	97%	74 days	100
MAR-2007	157529	152087	97%	91 days	90
FEB-2007	144120	139379	97%	86 days	84
JAN-2007	149969	144674	96%	87 days	62
Averages:	152879	148079	97 %	84 days	469

Month	Average List Price	Average Sale Price	Sale to List Price	Average List Duration	# Sales
City of Moncton - new only residential
MAY-2008	159958	160796	101%	90 days	31
APR-2008	164060	162887	99%	132 days	35
MAR-2008	170933	166705	98%	136 days	24
FEB-2008	151643	151667	100%	133 days	21
JAN-2008	167400	166071	99%	92 days	12
Averages:	162573	161500	99 %	118 days	123

Month	Average List Price	Average Sale Price	Sale to List Price	Average List Duration	# Sales
MAY-2007	153094	153696	100%	150 days	33
APR-2007	150180	148852	99%	158 days	15
MAR-2007	150830	152253	101%	153 days	23
FEB-2007	157167	156700	100%	132 days	18
JAN-2007	165659	163440	99%	122 days	17
Averages:	154897	154770	100 %	144 days	106

Metro Moncton Springs Again

Larry Estabrooks - Agent — 2008-06-10T14:04:00Z

May 2008 Housing Starts in Metro Moncton

Last month I predicted that metro Moncton housing starts would catch up in the next four months.
What a difference a month makes!
The Moncton CMA once again leads New Brunswick urban centers in total year to date starts.
Single family detached starts are up 8.4% and multiple starts are up 9.3%.

(preliminary figures provided by Canada Mortgage and Housing Corporation)

May 2008 year-to-date
405- - 364.5- - 324- - 283.5- - 243- - 202.5- - 162- - 121.5- - 81- - 40.5- - 0-
		Saint John	Moncton	Fredericton	Other
	2008
	2007

Larry Estabrooks is an independent real estate agent in Moncton, New Brunswick, Canada

for contact information: www.LarryEstabrooks.com/contact/

New Brunswick Real Estate - May 2008

Larry Estabrooks - Agent — 2008-05-31T11:39:12Z

May 2008 total MLS® sales reported for the five real estate boards in New Brunswick indicates:

> The Moncton board recorded the most unit sales.

> The Moncton board average sale price is lower than Fredericton or Saint John.

> The Fredericton board continues to record the highest average price.

> The Northern board continues to record the lowest average price.

	Unit Sales - May			Average Price - May
	2008	2007	2006	2008	2007	2006
Fredericton	351	390	317	156,730	144,510	136,666
Moncton	362	374	385	139,489	130,097	122079
Northern	57	64	78	70,879	72,209	65,463
Saint John	272	289	236	150,918	134,087	120,962
Valley	23	*	*	112,043	*	*

(I caution that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods.)
*Valley board figures are not available

I'm a licensed independent real estate agent located in Moncton, New Brunswick, Canada. Contact me anytime about real estate in New Brunswick.

My home page - www.LarryEstabrooks.com