Number of active residential listings soars in N.B. real estate market

The number of houses for sale in New Brunswick last month hit a record high.

There’s some positive news on the New Brunswick real estate front, but one Moncton realtor says the market might be a bit confusing for some right now.

A recent report from the Canadian Real Estate Association (CREA) states national home sales were up a modest 0.9 per cent on a month-over-month basis in October.

But here in New Brunswick, the numbers are a bit more eye-popping.

According to the CREA, there were 1,345 new residential listings in October of this year, the largest number of new listings added in the month of October in the province’s history.

New listings were 19.6 per cent above the five-year average and by the end of October there were 3,516 active residential listings.

The number of active residential listings haven’t been this high for the month of October in over five years.

But what does that all mean for buyers and sellers?

Natalie Davison from the Meet Me In Moncton - Real Estate team said the CREA’s report is positive, it’s just hard for people to see that when their home is on the market and it’s taking longer than expected to sell.

“What you need to know are sales are still happening but they’re taking longer to happen and that can be really confusing when you’re talking to folks who have maybe done a transaction in the last five years where things moved a lot faster,” said Davison.

Davison said the province is currently in a balanced market.

“But if you watch national headlines you might think we’re in a buyer’s market and we’re not. We’re in a balanced market which means there’s opportunities for sellers and opportunity for buyers.”

Martin Gallant of Creativ Realty said the CREA’s report meshes with what he’s seeing right now in Greater Moncton.

Gallant said inventory is going up a little bit which is making it a good environment for buyers and sellers.

“So prices are softening a little bit which is encouraging buyers to participate in the market whether they’ve been on the sidelines for a little bit or they’re new in the buying process, it’s becoming a little more appealing,” said Gallant.

Like Davison, Gallant said it’s a balanced market right now.

“If you’re buying a property, it’s a great time to get in and explore. You’re able to do your home inspection and be able to identify issues and have a little bit of choice in inventory,” he said. “If you’re a seller, still a really good time, there’s still buyers out there. Are you going to get that top dollar that your neighbour got two years ago? Maybe not, but it’s still a really good time to make a move.”

Gallant has noticed homes are staying on the market a little bit longer these days with less multiple offers and an average of 30 to 60 days before selling.

He said things are obviously not as aggressive as they were during the real estate boom New Brunswick saw during the pandemic when the main driver of sales was buyers coming from Ontario and out west.

“We’ve seen that slow down quite a bit. We’ve seeing more locals on contracts now which is encouraging. Those people were priced out for a little bit. So, the volume has gone down in terms of people coming in which is causing homes to stay on the market a little bit longer,” said Gallant.

Davison said buyers have choice, which means they can take their time.

“So things aren’t going as fast as we might be used to and that can feel like they’re not happening at all, but that’s actually inaccurate. Things are happening, they’re just going slower,” said Davison.

Gallant predicts the market will stay balanced for the time being.

“No side is really at an advantage right now,” said Gallant.

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