i went to the cmhc meeting to see how are market conditions are
first the multi unit market,the vacancy rate is 7.8 and maybe going to closer to 9% by year end,the average rent for greater moncton is about 709,which is about a 1.9% increase over last year.
the semi detached market is down quite a bit ,last year at this time there was 294 built and to date only 142 have been built,and at present there is probably 100+/- unabsorbed in our present marketplace.
the detached new contruction market is down also, 2012 we had about 291 starts and this year to date 185, the average new home constuction cost is 322,900compared to 291,990.the bad news here is fewer homes being built and more of them are being unabsorbed.
last but not least the resale market, average sale price is 159,000,very little price growth in the last year,average days on the market is about117 days and keep in mind as of the end of November we 19.8 months wort of inventory compared to calgary who has three weeks.the sales to listing ratio is running between 40 to 50 %.however cmhc is thinking our market will stay about the same or a slight drop in 2014.RegardlessGreater Moncton is a great place to live and our population is growing at about an average of 1500 since 2006.