2011 has been an interesting year for new housing in Moncton. Depending on who you ask, and what segment you are looking at, the market has seemed either good or bad.
When looking for housing data, we frequently turn to the Canada Mortgage and Housing Corporation (CMHC). CMHC is Canada’s national housing agency. While they are perhaps best known for providing mortgage loan insurance, they also are a leading source of housing data, and one of the first places market researchers turn to when looking at trend in the real estate market.
Each quarter they release a quarterly ‘Housing Now’ report for various cities across Canada. The report provides insightful analysis of local housing markets and a summary of housing statistics, including starts, completions, dwellings under construction, absorptions, real estate sales and home prices, as well as key economic indicators.
Here are some of the CMHC highlights about the real estate market in Moncton:
New multiple starts (i.e. apartments, condos and row houses) recorded a substantial decline of 29.5 per cent a year-over-year decline during the second quarter of 2011. New rental starts were particularly week, with just 24 new apartments breaking ground in the Moncton region. This compares to 151 apartment starts in the region during the same period in 2010
Semi-deatched starts did significantly better. After a slow winter, they rebounded during the second quarter, with 184 new duplexes getting underway—a 19.4% year-over-year increase. While semi-detached homes remain the starter home of choice in Greater Moncton, a growing number of these new units are being built with increased amenities and commanding higher prices.
Single-family home starts were a mixed story during the second quarter, While parts of the region—notably Moncton and Riverview saw notable increases, they were more than offset by fewer starts in the rest of region. As a result, single family starts were down 7.6% during the period. Despite the fewer starts, however, the average price of a single-detached house was up 5.2 per cent to $265,634 over 2010.
You can download the full report from the CMHC Publications and Reports page.