Don’t expect any big turnaround in the Saint John housing market according to a senior analyst with Canada Mortgage and Housing, Claude Gautreau who predicts it will remain flat for the rest of this year and 2016 before we start to see a turnaround for the better.
Gautreau reports Saint John has lost more people in the outmigration to Alberta than Fredericton or Moncton with a significant decline in the number of people between 18 and 24 years of age.
The average price of a home in the city is 148 thousand dollars as compared to over 250 thousand in the Kennebecasis Valley and 165 thousand in Grand Bay-Westfield.
Saint John will remain a buyer’s market with almost half of homes sold being under 150 thousand dollars. There has even been a decline in the sale of houses in Quispamsis and Rothesay between 2010 and 2014.
It now costs a lot less to buy an existing home than build new.
