Moncton is enjoying its fair share of the New Brunswick real estate boom this summer.
New Brunswick homes are selling the fastest they have been in 10 years, with an all-time record of 1,124 units sold in May.
Home sales in Moncton were up 23.7 percent in the first five months of the year compared to the same period last year.
George Murray of Greater Moncton Realtors said the area had seen record numbers since January, with sales up 10 percent and sales prices up about three percent.
“And we’re seeing a drop in inventories,” he said.
Murray said migration, both from other parts of Canada and outside the country, could explain part of the increase.
Murray said the market is also seeing a growing number of multiple listings for real estate, which has not been common in the past.
George Murray, executive director of Greater Moncton Realtors, an industry association, said buyers should be prepared when they go looking for a home and getting mortgages pre-approved. (Submitted by George Murray)
Buyers should be prepared to find a home and may want their mortgage pre-approved.
“Banks get busier when the market gets busier, so you don’t want delays there.”
Murray said he couldn’t predict how long the trend will last, but said the Moncton market tends to be pretty stable.