the wind is definitely shifting everyone is talking about what is going on in the
real estate market hi this is Koko Kenny of cherry rose on real estate at the eXp
I am a real estate agent in Fredericton New Brunswick
and experts are expecting it will become a lot chillier for Canada's housing market
Toronto Vancouver Montreal Ottawa and Hamilton were among the areas experiencing significant
pullbacks in home real estate activity in may for many of them this represented the
third straight month of decline clearly the bank of Canada's interest rate hikes in march
and the prospects for more in the month ahead are changing the game in a big way
there are considerably raising the bar for buyers with demand softening inventories
are now on the rise in some markets that including Toronto and the Montreal this
is quickly easing what were extremely tight demand supply conditions just a few months ago
in fact most major markets in Canada have returned to balance the territory in may based on sales and
new listings reported by local real estate board but "Koko how about the New Brunswick??" all right
let's get started according on Canadian real estate association home sales were 12.9 percent
above the five-year average and 27.2 percent above the 10-year average from the month of may the
average price of homes sold in may 2022 was three hundred sixteen thousand and eighty three dollars
up by twenty five point two percent from may 2021 month of inventory number two at the end of may
2022 down from the 2.3 month recorded at the end of may 2021 and below the long run average of
seven months for this time of year for the record the average home in New Brunswick was sitting for
172 thousand and 200 dollars in April 2019. in April 2022 the average was 313 thousand and seven
hundred dollars although I had the eXp New Brunswick meeting on last Tuesday and agents
are saying that they are seeing some shift in the Fredericton and surrounding areas housing market
it is still a strong seller's market but in some properties for some reasons there are not
as many offers as they thought they would get or buyers are putting inspection contingencies
in the contract and the sellers are accepting the offer with it before if you put an inspection
contingency in the contract most of the time your offer would not be accepted so it is a good news
for the buyers but it is not the case all of the time i talked to locals about potentially
listing their house for example young family who are wanting to sell their house and move to
a bigger house but they are wondering where they will be moving in because of this seller's market
some seniors are wanting to move to an apartment but the rents are so high now governments
are working on to control by capping the rent increase and there are new condo constructions
everywhere in Fredericton New Brunswick I hope those things will calm housing market in New
Brunswick and we'll see more house for sale on the market if you're interested in purchasing
a home in New Brunswick I strongly suggest you to talk a local realtor who's like me
and discuss what is going on the housing market in particular area where you are interested
in purchasing home or strategy to get your offer accepted to have a smooth transaction as much as
possible please like and subscribe and leave your comment below I have so much more to tell
you about the life and the real estate about the New Brunswick and I will see you at the next video