12/20/2023 0 Comments Top 10 realtor websites in 2017![]() ![]() “More young buyers are searching for their first home because rental prices have increased rapidly alongside demand,” shares local eXp agent Jenny Celly. Photo by A Disappearing Act from Flickr What’s happened in the Greater Moncton real estate market?Īt 60% below the national average, Greater Moncton’s composite benchmark price of $320,817 makes the region an excellent destination for those new to home ownership. A row of houses in Moncton, New Brunswick. Consisting of Moncton, Riverview and Dieppe, Greater Moncton boasts inexpensive real estate opportunities for first-time buyers, and its steady price growth presents an opportunity for sellers and investors. Despite substantial growth in the average price, homes in the Moncton region continue to be affordable compared to the national average. The most populous region in New Brunswick topped our list for the second year in a row, with a value score of 4.8. If interest rates decline, buyer sentiment should shift in a more positive direction,” says Haw.Ĭanada’s top three real estate markets in 2023 1. “The 2023 market is dependent on affordability. According to a 2022 Zoocasa survey, around 60% of respondents, including current home owners and first-time home buyers in Canada, are still planning to buy a home in the near future. The sideline buyers of 2022 have become interested in the market again. Although many buyers returned to city centres following the pandemic, some continued to look to smaller, more affordable markets in 2022 to make their money go further.”įixed interest rates began to decline in January 2023, leading to a more positive start to this year. “Motivated buyers shifted their strategies, favouring more affordable property types including condominium apartments and townhouses. “Buyers took to the sidelines and many chose to wait out the market, hoping for a positive change that would make real estate in Canada more affordable,” says Lauren Haw, broker of record and industry relations officer at Zoocasa. On a national level, the average sale price declined by 12% year-over-year in December, according to CREA, but that wasn’t enough to make buying a home more appealing for Canadians. ![]() Even with declining prices, properties became progressively less affordable as interest rates increased a staggering seven times in nine months. According to CREA, monthly sales activity in December came in 39% below that of December 2021. Real estate demand fizzled last year, primarily because of rising interest rates, low inventory and reduced buyer appetite. What’s shaping the real estate market in 2023? ![]() I'm buying a home I'm renewing/refinancing You will be leaving MoneySense. And some regions and neighbourhoods stand out as offering the greatest value and growth potential.įor our 2023 edition of Where to Buy Real Estate in Canada, MoneySense partnered with Zoocasa-an award-winning consumer real estate search platform-to reveal the best places to buy property in Canada and in 13 of the country’s most-watched real estate markets, from Halifax to Vancouver. According to the Canadian Real Estate Association (CREA), in January 2022, the national composite benchmark price across all home types was $817,000, and by December, it had fallen by $100,000 to $717,000.Īlthough last year proved to be turbulent for real estate and the wider economy, many markets still experienced price growth. The story of the year was inflation and interest rates real estate prices across Canada have been, and still are, heavily impacted by higher mortgage rates and shrinking buying power. Throughout spring and summer, prices declined steadily. The year started off with record-high prices in the winter, which is typically one of the slowest seasons in real estate. North Shore, B.C.įollowing two years of skyrocketing price gains, the Canadian real estate market came back down to Earth in 2022. Burnaby, New Westminster and Richmond, B.C. Langley, Pitt Meadows and Maple Ridge, B.C. National Ranking Neighbourhood Rankings Halifax Regional Municipality, N.S. ![]()
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