The latest edition of the Royal LePage House Price Survey revealed that in the first quarter of 2017, the aggregate price of a home in Fredericton increased by 6.4 per cent year-over-year (up to $259,040).
In addition, the median price of two-storey homes in the New Brunswick city grew by a noticeable 12.0 per cent year-over-year (up to $321,455). Conversely, the median price of bungalows remained almost static, rising by 0.5 per cent in the same time frame (up to $210,438).
“Recently, Fredericton has transitioned into a more balanced real estate market, with an influx of immigration driving demand upwards and absorbing a considerable amount of the region’s housing supply,” Royal LePage Gardiner Realty broker and owner Lincoln Thompson said.
Comparatively, the national housing segment experienced 12.6 per cent year-over-year growth in Q1 2017 (up to $574,103). The value of two-storey homes increased 13.9 per cent year-over-year (up to $681,728), while the price of condominiums rose by 8.9 per cent (up to $372,638).
“Together, the region’s improved economic stability, lower unemployment rate and affordability has piqued the interest of many prospective homeowners who increasingly view the province's capital as a viable place to live, work and retire,” Thompson explained.
Recent data from local and regional real estate associations suggested that Atlantic Canada properties have become prime attractions, as hopeful buyers from overheated markets like Toronto and Vancouver are now looking further eastward in their search for a more rustic and less stressful atmosphere.
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