Housing prices continued to climb in New Brunswick in November, with sale prices up 30 percent over the previous year, and the Canadian Real Estate Association (cra) says this upward trend should carry over into 2022.
According to CREA figures released December 15, the seasonally adjusted multiple listing service (MLS) composite home price index for November was $270,300 for New Brunswick. Broken down by city, it was $294,900 for Greater Moncton, $251,200 for Saint John and $250,900 for Fredericton.
In New Brunswick, the aggregate composite MLS home price index was up 2.1 percent from October, with Fredericton up 1.7 percent, Greater Moncton up 2.1 percent and Saint John up 3.4 percent.
“November provided another month of evidence that the housing supply/demand issues facing the country have not gone away,” said CREA Chair Cliff Stevenson in a press release.
“Even at what is traditionally the slow time of the year for housing, conditions and price trends are at the same record levels we saw this spring. Things may calm down a bit through the balance of December and January, but next year’s spring market will no doubt be an interesting one.”
Prices were down slightly in Halifax from October to November, but the year-over-year gain was still significant.
The average sales price for homes in the Halifax-Dartmouth census metropolitan area (CMA) for November was $466,082, down from $481,556 for October. The CREA data stated the average year-to-date sale price for the Halifax-Dartmouth CMA was $446,623 – a jump from $351,037 in November 2020.
The average year-to-date sale price for November 2021 for Saint John was $225,261, a more than 18 percent jump from the previous year’s $190,381
November 2021 saw 1,115 homes sold in New Brunswick and 1,178 homes sold in Nova Scotia. Nova Scotia saw 1,555 new listings for November 2021 at an average seasonally-adjusted price of $376,923, and New Brunswick had 1,250 at $253,009.
Sales as a percentage of new listings for the Halifax-Dartmouth CMA were 74.2 percent in November – down from 87 percent in October. In Saint John, they were 74.9 percent – up from 69.7 percent in October.
Sales as a percentage of new listings for Nova Scotia were a seasonally-adjusted 75.8 percent, and 89.2 percent in New Brunswick.
Year-to-date new listings for November in the Halifax-Dartmouth area were 8,770 – up from 8,582 in the previous year. Saint John saw 4,453 new listings in November – up from 3,616 in November 2020.
Nova Scotia had a seasonally-adjusted two months of inventory in November 2021 and New Brunswick had 1.9 months.
The CREA figures said the aggregate composite MLS home price index for Canadian homes increased 2.7 percent, month-over-month, and was up 25.3 percent, year-over-year.
The CREA numbers show a non-seasonally adjusted actual average home price across Canada of $720,850 for November 2021 – up 19.6 percent from the same month in November 2020.
The aggregate composite MLS home price index increased 2.7 percent month-over-month and was up 25.3 percent, year-over-year.
Year-to-date, a total of 630,634 homes have traded hands across Canada, beating 2020’s record 552,423. In November, the number of newly listed homes grew by 3.3 percent, compared to October
This follows an overall national trend of homes sales climbing by 0.6 percent between October and November.
The number of newly listed properties increased 3.3 percent from October to November nationally, while the actual national average sale price saw a 19.6 percent year-over-year gain in November.
Sam Macdonald is a reporter with Huddle, an Acadia Broadcasting content partner.
