Fredericton Housing Market Outlook (Fall 2020)

The Fredericton housing market saw real estate activity come to a nearly complete halt in mid-March, but “pandemic pause” proved to be short-lived and it wasn’t long before home sales began to pick up again toward the end of April and moving into May, according to the RE/MAX Fall Market Outlook Report.

May 2020 home sales in Fredericton surpassed month-over-month and year-over-year levels, illustrating what many predicted would be a delayed start to the traditionally busy spring market. Indeed, the busy month of May continued into June, as sellers began to regain confidence and comfort in hosting showings in their homes, with strict safety protocols still in place.

Moving into the fall and based on recent activity, Fredericton home prices are expected to maintain their current value and remain stable. Homebuyers and sellers engaging in the local real estate market have maintained optimism that they will see a return to some sense of normalcy within the next year. In light of recent activity and positive consumer sentiments, RE/MAX anticipates a 2.5% increase in average residential sales in Fredericton, New Brunswick for the remainder of 2020.

Atlantic Real Estate Market Trends

Atlantic Canada regions reporting low case counts of COVID-19, such as Halifax, Charlottetown and Saint John saw reduced market activity in March, however the decline was less pronounced than that experienced by some Ontario and Western Canada markets. Halifax, Atlantic Canada’s biggest housing market, continues to experience a shortage in listing inventory that characterized the region before the pandemic. The shortage has prompted an uptick in average residential sale price, with a 10% increase anticipated for the remainder of the year. Activity in Atlantic Canada was back to pre-COVID-19 levels by May 2020, and like many sellers’ markets in Canada, multiple offer scenarios continue to happen in these regions.

Atlantic Real Estate Market Trends

Regions across the Atlantic region reporting low case counts of COVID-19, such as Halifax, Charlottetown and Saint John saw reduced market activity in March, however the decline was less pronounced than that experienced by some Ontario and Western Canada markets. Activity in Atlantic Canada was back to pre-COVID-19 levels by May 2020, and like many sellers’ markets in Canada, multiple offer scenarios continue to happen in these regions.

Canadian Housing Market Heat Map Fall 2020

.

Canadian Housing Market Trends

Leading indicators from RE/MAX brokers and agents across Canada’s housing market point to a strong market for the remainder of 2020. According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6% during the remainder of the year. This is compared to the 3.7% increase that was predicted in late 2019. Canadian Housing Market Data Table Fall 2020

. The pandemic has prompted many Canadians to reassess their living situations. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32% of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group. Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. According to the survey, 44% of Canadians would like a home with more space for personal amenities, such as a pool, balcony or a large yard.

Canadians equally split on their confidence in the housing market

Canadians are almost equally split in their confidence in Canada’s real estate market, with 39% as confident as they were prior to the pandemic, and 37% slightly less confident. When it comes to the prospect of a second wave of COVID-19, 56% of Canadians who are feeling confident in Canada’s real estate market are still likely to buy or sell. “The classically hot spring market that was pushed to the summer months due to the COVID-19 pandemic created a surprisingly strong market across Canada and across all market segments,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Looking ahead, government financial aid programs may be coming to an end in September, which could potentially impact future activity; however, the pent-up demand and low inventory dynamic may keep prices steady and bolster activity for the remainder of 2020. Overall, we are very confident in the long-term durability of the market.”  Additional highlights from the 2020 RE/MAX Fall Market Outlook Report Survey:

  • 48% of Canadians would like to live closer to green spaces
  • 48% of Canadians say it’s more important than ever to live in a community close to hospitals and clinics
  • 33% of Canadians would like more square footage in their home and have realized they need more space
  • 44% of Canadians want a home with more outdoor space and personal amenities (i.e. balcony, pool etc.)

About the 2020 RE/MAX Fall Market Outlook Report The 2020 RE/MAX Fall Market Outlook Report includes data and insights supplied by RE/MAX brokerages. RE/MAX brokers and agents are surveyed on market activity and local developments.

.

The post Fredericton Housing Market Outlook (Fall 2020) appeared first on RE/MAX Canada.



https://ift.tt/2E8OIHU
from RE/MAX Canada https://ift.tt/34eSfin
Lydia McNutt

Commentaires

Messages les plus consultés de ce blogue