The average sale price in the Fredericton housing market has increased by 5.6 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $324,351 in 2023 to $342,633 in 2024).
The number of sales increased by 3.1 per cent duringor the same time period (from 1,373 home sales in 2023 to 1,415 sales in 2024). The number of listings also increased by 7.8 per cent (from 1,893 in 2023 to 2,041 in 2024).
Looking ahead to teh fall market, the average sale price across all property types in the Fredericton housing market is anticipated to increase by two per cent through the remainder of 2024, while the number of sales is expected to increase by roughly 1.5 per cent.
The Fredericton housing market is currently a seller’s market, which is anticipated to continue into the fall. The shorter the supply, the more people looking to buy the same home, which puts upward pressure on prices.
The biggest factors contributing to the housing shortage in Fredericton include:
• Not enough new listings
• Not enough new construction
• Construction delays as a result of labour shortages and increased material costs
• Exclusionary zoning/land availability
On September 4, the Bank of Canada will share its next interest rate announcement. If two more interest rate cuts are announced by the Bank, this will help increase mortgage approval amounts so people can better afford to buy homes. However, further rate cuts could also increase multiple-offer scenarios, which will in turn raise home prices.
Buyers are paying more than they should be paying, due to immense competition on new listings. The trend of lower interest rates in 2024 is driving up prices, making it hard for a buyer to get a home due to more competition.
blog.remax.ca
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Fredericton 2024 Fall
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