The latest housing stats shows a decrease of about 50% compared to last year in the number of new homes being built in Saint John.
New housing starts are also down significantly in Moncton and Fredericton. President of the Saint John Real Estate Board Jason Stephen tells CHSJ news he’s not shocked by the figures. He says when there’s so much selection on the market, there’s no big demand to build new houses.
On the other side of the coin, Stephen says this is great news for buyers, since interest rates are at an all time low and there’s plenty of selection.
For sellers, it does mean some houses will take longer to unload and they’ll have to be negotiable.
