Investing in Moncton Real Estate: October 2024 Market Highlights

Greater Moncton continues to be a strong market for real estate investors. With stable property values, increased listing availability, and a high year-to-date sales volume, this region offers promising opportunities for investors. Here’s what makes Moncton, Dieppe, and Riverview attractive for investment.

Increased Listings and Balanced Market

The rise in new listings in October provides more options for investors seeking properties across Moncton, Dieppe, and Riverview. This availability, coupled with a consistent demand, presents an opportune market for long-term investment.

Solid Property Values

Despite a slight decline in monthly sales, total sales volume has grown by 14% year-to-date, driven by higher average sale prices. Moncton’s real estate resilience means properties here tend to hold or increase in value over time, making it an ideal market for rental or resale investments.

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The Complete Home Buying Process in New Brunswick

Before Viewing Homes

1. Hire a Realtor

• Why You Need a Realtor: Work with a local Realtor who knows the New Brunswick market inside and out. A professional Realtor will guide you through the complexities of the home-buying process, whether you're looking for urban properties, rural homes, or investment opportunities.

• Key Benefits: Realtors provide access to MLS listings, have strong negotiation skills, and can help you navigate legal paperwork. They also offer insights on property taxes, neighborhood trends, and potential resale value.

2. Research Areas

• Explore neighborhoods that match your lifestyle, commute preferences, and access to schools, healthcare, and amenities.

• Popular Areas in New Brunswick:

• Urban: Moncton, Dieppe, Riverview, Fredericton, Saint John.

• Rural: Alma, Sussex, Shediac, Sackville, and Grand Bay-Westfield.

• Consider the pros and cons of each area, including affordability, peace, and proximity to urban centers.

3. Get Pre-Approved for a Mortgage

• What It Does: Pre-approval determines your borrowing limit and shows sellers you’re a serious buyer. It’s a key step to narrowing down your home search.

• Who to Talk To: Mortgage brokers and financial institutions can guide you through the process.

4. Create a Realistic Budget

• Budget Considerations:

• Down payment: Minimum 5% for most homes.

• Closing costs: Typically 1.5%-4% of the purchase price.

• Monthly costs: Mortgage payments, utilities, property taxes, and home insurance.

• Additional expenses: Maintenance, potential renovations, and HOA or condo fees.

5. Learn the Home Buying Process

• Familiarize yourself with the general steps: Pre-approval → Home Search → Offer → Conditions → Closing → Move-In → Ownership.

• Stay in close communication with your Realtor to ensure a smooth experience.

6. Understand the Costs of Buying a Home

• Standard Costs: Mortgage payments, property taxes, legal fees, and the land transfer tax (1% of the purchase price in New Brunswick).

• For Rural Properties: Include well and septic maintenance, water testing, and potentially higher utility costs.

7. Create a Needs vs. Wants List

• Needs: Essential features like the number of bedrooms, location proximity to work, yard size, or heating type.

• Wants: Extras like a finished basement, upgraded kitchen, or luxury features.

8. Consider Mini Homes, Condos, and In-Law Suites

• Mini Homes: Affordable options often located in leased land communities. Remember to account for monthly land fees.

• Condos: Offer shared maintenance but come with condo fees. Review the corporation’s financials and rules carefully.

• In-Law Suites: Provide rental income potential but may involve higher utilities, taxes, and zoning regulations.

When You Start Viewing Homes

1. Search for Homes Within Your Budget

• Utilize MLS listings and Realtor tools to narrow down options based on your criteria.

• Stay realistic about your budget to avoid financial strain.

2. How Offers Work

• Single Offers: Negotiation directly with the seller.

• Multiple Offers: Competitive situations may require higher deposits or fewer conditions to stand out.

3. Schedule Home Viewings

• Coordinate with your Realtor for showings at convenient times.

• Tips for Viewings: Wear comfortable shoes, take detailed notes, and ask questions about the home’s history and maintenance.

4. Why a Realtor is Essential During Showings

• Realtors offer an objective perspective, handle complex contracts, and have insights into local market trends and property values.

5. Include Key Conditions in Your Offer

• Common Conditions:

• Deposit: Secures the property.

• Sale of Buyer’s Home: Ensures time to sell your current home.

• Financing: Protects against loan approval issues.

• Inspection: Assesses structural integrity, electrical, and plumbing.

• Insurance: Confirms the property can be insured.

• Water/Septic Tests: Essential for rural homes.

• Property Disclosure: Identifies any known issues with the home.

6. Negotiate Effectively

• Accepted Offer: Terms are agreed upon, and conditions are in play.

• Counter Offer: Seller proposes changes to the agreement.

• Rejected Offer: Move on to other properties if necessary.

7. Calculate Legal Costs

• Typical legal fees range from $1,000 to $1,500, plus the land transfer tax.

8. Fulfill Conditions

• Complete all required inspections and financing steps within the agreed-upon timeline. Backup offers may still be considered by sellers.

9. Make the Deal Firm

• Once all conditions are satisfied, the sale is binding. Start preparing for the closing day.

10. Arrange NB Power Connection

• Schedule your utilities to be connected on the closing day to avoid interruptions.

11. Plan for Moving Day

• Book movers well in advance or enlist help from family and friends.

12. Maintain Financial Stability Before Closing

• Avoid significant financial changes (e.g., new loans or credit card debt) before the deal closes.

When You Own Your New Home

1. Prioritize Home Maintenance

• Schedule regular maintenance for systems like heat pumps, mini-splits, and fireplaces.

• Perform seasonal tasks such as gutter cleaning, pest prevention, and HVAC servicing.

2. Manage Snow Removal and Lawn Care

• Arrange for services or purchase the necessary equipment to handle seasonal needs.

3. Stick to Your Budget

• Maintain financial discipline to cover mortgage payments, property taxes, and unexpected repairs.

4. Update Your Address

• Notify banks, phone providers, insurance companies, and government agencies about your new residence.

5. Build Community Relationships

• Introduce yourself to neighbors to establish a supportive and friendly environment.

6. Plan for Future Improvements

• Budget for upgrades and renovations to increase the property’s value and meet your long-term goals.

Additional Resources

• NB Real Estate Market Insights: Learn about current trends and market conditions.

• First-Time Buyer Tips: Guidance on navigating your first home purchase.

• Investment Property Advice: Strategies for maximizing ROI on real estate investments.

• Homeownership Guides: Detailed advice for managing finances, maintenance, and upgrades.

Selling Your Home in Moncton: October 2024 Market Report and Tips

With an increase in average sale prices and strong year-to-date performance, now may be an ideal time to sell your Moncton home. This October 2024 report offers insight into the latest market trends to help you make an informed decision.

Rising Sale Prices and High Demand

Despite a slight drop in sales, Moncton’s property values remain strong. The total dollar value for October 2024 sales increased by 6% year-over-year, reaching $115 million. This boost in average sale price reflects robust demand, which is favorable for sellers.

Increased Inventory Means More Competition

While demand is solid, the recent surge in listings (up 23%) introduces more competition. However, Moncton’s strong market foundations and buyer interest suggest favorable conditions for sellers who prepare and price their homes effectively.

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Thinking of Buying a Home in Riverview? Here’s What October 2024 Market Trends Show

Riverview is a welcoming community with an active real estate market. October 2024 brought an increase in listings, making it an opportune time for first-time buyers. Here’s a breakdown of the latest trends and tips for buying your first home in Riverview.

More Choices for Buyers

With 23% more listings available in October, Riverview’s market offers an extensive selection for first-time buyers. The list-to-sale ratio currently stands at 59%, lower than last year, giving new buyers room to negotiate and find properties within their budget.

Stable Market Conditions  

Riverview’s October 2024 average sale price, part of the Greater Moncton average of $380,262, indicates stability and sustained buyer interest. The local market’s balance between supply and demand makes Riverview an attractive option for first-time buyers.

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Why Buy a Home in Dieppe? October 2024 Market Insights and Benefits

For those considering buying a house in Dieppe, the October 2024 market update offers valuable insights. With a competitive housing market and increased listings, Dieppe remains a prime location for families and first-time buyers alike. Here’s what you need to know about the latest trends in Dieppe real estate and why it could be the right time to buy.

Growing Inventory and Demand

With the recent 23% increase in listings across Greater Moncton, Dieppe home buyers now have more options. This competitive environment allows you to find homes that fit your preferences, while demand keeps the market lively and attractive for investment.

Stability in Prices

Despite the small dip in sales, property values in Dieppe have held strong, contributing to the overall 6% year-to-date increase in sales volume. October’s average sale price across the region reached $380,262, reflecting Dieppe’s appeal to buyers.

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Greater Moncton Real Estate Market Update – October 2024: Sales, Trends, and Opportunities

In October 2024, the Greater Moncton real estate market showed a mix of growth and balance. While property sales were down slightly by 3% compared to October 2023, several positive trends indicate strong buyer interest and investment in the region. Here’s a closer look at the latest Moncton real estate market trends, from sales volume to new listings and average prices.

Monthly Sales and Year-to-Date Performance

Despite a slight 3% drop in monthly sales, with 331 properties sold compared to 342 last year, year-to-date sales remain up by 6%. This increase reflects a resilient market with ongoing buyer demand, particularly as average sale prices continue to rise.

Greater Moncton Real Estate Sales Volume and Market Value

Total sales volume reached an impressive $115 million in October, a 6% increase over last year. This increase highlights that, despite fewer transactions, higher sale prices have maintained market value. With a year-to-date total sales volume of $1.16 billion, up by 14%, the Moncton real estate market remains strong.

New Listings Create Opportunity  

New listings in October surged by 23% compared to last year, offering buyers more choices in Moncton, Dieppe, and Riverview. Year-to-date, there’s been a 15% increase in listings, adding balance and competition to the market.

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Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.