New Brunswick mortgage rates update
The CMHC reports that in New Brunswick's positive net migration, historically high employment levels, rising salaries, and relatively low mortgage rates have bolstered housing demand, allowing the market for new family homes to stop from slowing down, in contrast to the trend across Canada.
New Brunswick's economic growth prospects cool for 2008
The provinces level of economic growth will be negatively affected by the high Canadian dollar and energy prices, in addition to the forecasted US economic slowdown. As the Canadian dollar is expected to stay strong, New Brunswick's main challenge for future employment prospects will be the need to move people from a manufacturing/export base into the service economy. Employment growth should increase 1% in 2008 and in 2009 as capital investment continues to support growth. Economic growth is expected to decline to 2.0 per cent in 2008 before reaching 2.3 per cent in 2009.
New Brunswick housing resale market to decline in 2008
In 2007, New Brunswick was a good place to be for first time home buyers as they experienced favourable market conditions which provided access to home ownership for this market segment. CMHC forecasts that for MLS sales will decline to 7,750 units in 2008, followed by a smaller decline to 7,500 in 2009.
New Brunswick house prices expected to rise to $142,000 in 2008
Sales activity is expected to slow in the province during the year, however, the average price of homes is still expected to increase to $142,00 in 2008, rising to $146,000 in 2009.
New Brunswick key stats
New Brunswick
Metric
Canada
Population
2007
Consumer Price Index
Mar'08 (2002 = 100)
749,800
32,568,000
112
113
Average earnings
(Feb'08)
$37,690
$40,914
Unemployment rate
(Mar'08 )
8.5%
6.0%
Housing starts
(Mar'08)
4,300
243,000
2007 (E) Average Residential Resale Price
$136,603
$306,397*
7.7%
$142,000
10.6%
$322,400*
2008 (F)
(annual % change)
2009 (F)
4.0%
$146,000
5.2%
$334,500*
2.8%
$1,891,730,000
3.8%
$152,478,903,000
Chartered banks
Mortgages approved by lenders, residential 2006
Trust companies
$114,603,000
$6,664,898,000
Life and companies other
$589,045,000
$30,225,144,000
Total
$2,595,378,000
$189,368,945,000
Source: Stats Canada, Canadian Real Estate Association 2007 E = estimated by the CMHC * Canada calculation excludes Yukon and Northwest Territories Data based on application received date Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas Quebec data is understated due to low response rate to the surveys in that province. *Conventional Lending data only
Local Market Indicators
Census Metropolitan Area Total Housing Starts MLS sales MLS average price
2007
687
2,253
$140,544
Saint John
2008 (F)
650
2,100
$146,000
2009 (F)
625
2,000
$152,000
Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada MLS = Multiple Listings Service
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