Best Deals in Real Estate: The Saint John real estate market is on fire

Posted on 27. Jun, 2010 by in General

By Julie Cazzin and Phil Froats, Moneysense Magazine Online, 16 June 2010

The Saint John real estate market is hot.

This commercial and manufacturing centre, year-round seaport and rail terminus saw real estate sales increase by 16% in first quarter 2010 over first quarter 2009. In fact, average house prices over the past four years have increased a whopping 34%, and our survey shows that demand for housing is projected to be strong well into 2010. But even with such spectacular gains, Saint John real estate gets a value grade of A-, mainly because average house prices are still an affordable $172,000 and unemployment is at a low 5.9%.

Saint John has seen a steady growth in employment in its information technology sectors as well as its refined petroleum, manufacturing, beverages and processed food sectors. Jobs are plentiful, resulting in a population increase of 1.93% over the past four years. “We’re seeing a lot of Maritimers coming back to New Brunswick these days,” says independent real estate agent Larry Estabrooks. “People who were out in Calgary are cashing in their chips, selling their homes for $400,000 out West, buying for $200,000 here and pocketing the difference. The real estate market throughout all of New Brunswick is reflecting that and it will continue to rise as boomers head home.”

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