New Brunswick home sales dropped significantly last month compared to April of last year. However, real estate experts say the market is finally finding its footing. If you are looking to buy a home in Saint John or the surrounding areas, you now have more choices and breathing room.

According to recent data from the Canadian Real Estate Association reported by CTV News Atlantic, buyers purchased 789 homes through realtors in the province this April. This represents a 13 percent decrease from the same time last year. Sales fell 9.4 percent below the five year average and 5.8 percent below the ten year average.

Sales declined across major New Brunswick regions:

• Fredericton saw a 4.4 percent drop.
• Saint John experienced an 8.3 percent decrease.
• Greater Moncton sales fell by 10.5 percent.
• Northern regions faced the steepest decline at 34.7 percent.

More Inventory Gives Buyers an Edge

Justin Morehouse chairs the New Brunswick Realtors. He notes the market continues to stabilize. A stronger flow of new listings pushes inventory higher. This gives you more options when house hunting. Morehouse states, “This is creating a more balanced environment, where neither buyers nor sellers can rely on last year’s playbook.”

Martin Gallant is a realtor with Creativ Realty in Moncton. He points out that the market is accumulating inventory faster than buyers absorb it. For the first time in over five years, more sellers are entering the market than buyers.

Image source CTV News Atlantic

Home Prices Remain Stable

Despite the drop in sales volume, prices remain steady. The overall benchmark price hit $324,400 this April. This is a modest 1.3 percent gain compared to last year.

Single family homes reached a benchmark price of $325,800. Townhouses and row units saw a slight decline to $230,500. Apartment prices dropped 10.5 percent to $270,000.

Gallant mentions buyers are finding bargains. Buyers negotiate prices down on homes that sit on the market longer. Sellers show more flexibility with their pricing.

The Pandemic Housing Boom is Over

Ryan Davison of eXp Realty in Moncton agrees. He says, “Because we are in a balanced market, it is actually a very healthy place to be.” The days of buying houses sight unseen over video are gone. Buyers no longer need to aggressively overprice their offers just to win a bid.

Davison advises you to know the local metrics. Well maintained homes in good neighborhoods still attract multiple offers. Taking your time to visit properties ensures you make the right choice for your needs.

Frequently Asked Questions

Are home prices dropping in New Brunswick?

Overall benchmark prices remain stable with a slight 1.3 percent increase from last year. However, apartment prices dropped significantly, and buyers find more room to negotiate on homes sitting on the market.

Is it a good time to buy a house in Saint John?

Yes. With sales down 8.3 percent in Saint John, inventory is rising. You have more choices and less pressure to engage in aggressive bidding wars.

Why are home sales slowing down?

Experts point to rising prices, global uncertainty, and buyers waiting on the sidelines. Many people anticipate price drops, which causes them to delay their purchases.