I attended the annual CMHC breakfast in late February. I always enjoy these since it gives you some really good stats about how the area is doing. You also get a good idea of vacancy rates, new construction starts and so on. I find by going to these type of events and doing some reading I can keep up on trends that help out my clients.
Here are some of the more interesting numbers for Metro Moncton:
- vacancy rate in apartments declined in 2007 - Riverview (3.9%), Moncton (4.4%), Dieppe (4.2%)
- rents have remained stable with virtually no change in rental prices
- we had another record year for resales in number of units and in volume of sales
- employment in Metro Moncton dropped by only 300 people giving the second best year in the last ten
- unemployment rate in Metro was 4.9% lowest in the past decade
- these dispite a 6.5% increase in population in the last 5 years
- approximately 81% of people in this area is under 44 years of age. A young population is very good news
- over 80% of all semi-detached homes built in NB in 2007 were in Metro
- Over 66% of new homes bought in 2007 were above $175,000 with the average new home price being $208,653
- However, the average mls price for Moncton is still among the lowest in Canada
All in all 2008 looks like it should be another great year. Interest rates are remaining very good, employmnet levels are strong and as long as oil prices don't go too crazy, we should be fine.
On another note, I am pleased to report that the new Immigration Board of Greater Moncton has hired as Executive Director, local business woman Catherine Rouanes. She and her husband run the Croissant Solier french bakery in Moncton and Dieppe. She and her husband moved here from France a few years ago and she brings her immigration experience, business experience and fluent English and French to the job and will be a great asset to the Board. The Board's job, for those who haven't heard of it is to identify problems and glitches in the entire immigration process and then try to find someone to fix it.
Our Provincial Population Secretariat has set a goal of 100,000 new people to the Province by 2025 and this is a very big, and very necessary challenge. I am pleased to be able to be a part of it.