changes to the mortgage rules<\/a>\u00a0that were announced last fall. The revised rules that were put in place January 1 include one that makes more home buyers take a \u201cstress test\u201d to assess their ability to make mortgage payments.<\/p>\n\u201cThat drove some people into the marketplace to get approved before that new rule came into effect,\u201d she says.<\/p>\n
\u201cThat drove some people into the marketplace to get approved before that new rule came into effect,\u201d she says.<\/p>\n
This could explain why December 2017 was the best December for real estate sales in the Saint John area since 2006, says Henry.<\/p>\n
\u201cWe\u2019re looking at that retrospectively and saying that perhaps that might have been a little bit of pull forward in\u00a0December\u00a0because our December was absolutely incredible,\u201d she says. \u201cThe number of sales that closed in December was 35\u00a0per cent\u00a0higher than those that closed in 2016 in December.\u201d<\/p>\n
The Saint John Real Estate Board covers a wide territory \u2013 from Sussex to St. Stephen. But Henry said the two areas that saw an increase in sales were the Kennebecasis Valley, which includes the towns of Rothesay and\u00a0Quispamsis, and uptown Saint John, the city\u2019s urban core.<\/p>\n
Kennebecasis Valley saw 465 sales in 2017, up from 398 sales in 2016. Meanwhile, uptown Saint John saw 15 sales in 2017, up from eight sales in 2016 \u2013 modest growth but growth nonetheless.<\/p>\n
Jeff Kitchen, a real estate agent who does a lot of work in the\u00a0Kennebecasis Valley says the increasing interest in the area is mostly coming from two groups.<\/p>\n
\u201cThe two major demographics right now would be baby boomers who are looking to sell larger homes and buy higher-end, smaller dwellings. That\u2019s a really big piece,\u201d he says. \u201cThen we\u2019re seeing small, younger families upgrading.\u00a0Interest\u00a0rates are low, so it\u2019s a really good time for second and third-time home buyers to really bump-up in the\u00a0marketplace.\u201d<\/p>\n
He says what makes the several factors that make the area so appealing.<\/p>\n
\u201cThe lifestyle would be a very big pillar,\u00a0with\u00a0the Kennebecasis River. The climate is outside the fog belt, the taxes are low, the schools are good, and\u00a0there are\u00a0tonnes of lifestyle options,\u201d says Kitchen. \u201cWith the short commute [to the city\u00a0centre], I think it\u2019s the ultimate package.\u201d<\/p>\n
Kitchen says he expects sales in both the Kennebecasis Valley and uptown Saint John to continue to grow in 2018.<\/p>\n
\u201cI think people are really looking for character. They\u2019re about making properties their own,\u201d he says. \u201cUptown has so much architecture and character to work with and to be unique, and so does Old Rothesay. I think that\u2019s why those two markets have done exceptionally well and I strongly think those are both going to continue in that direction.\u201d<\/p>\n
Real agent Bob McVicar also touts the value of investing and living in the uptown. \u201cUptown single-family sales in 2017 were up 40 per cent. Prices,\u00a0however, remained stable. This includes single family homes and condos,\u201d he wrote on Facebook early in the New Year.<\/p>\n
McVicar says many people are starting to see the benefits of downsizing and living in a compact neighbourhood where they walk everywhere.<\/p>\n
\u201cThe movement at the moment in terms of sales is really among people 50 or older who are transitioning out of their large family homes in the suburbs who see the exciting development of urban lifestyle,\u201d he told Huddle in an interview last year. \u201cWith the great new explosion of restaurants and galleries and street-level local retail that we have, that\u2019s really appealing to people.\u201d<\/p>\n
McVicar also says more people from outisde the region are starting to buy property and move here. Henry is seeing this trend develop as well, especially with people in the U.S. reacting to economic and political changes taking across North America.<\/p>\n
\u201cWe\u2019re also looking at a higher increase in tourism. A lot of the political situation in the U.S. has driven many people not just to buy houses up here, but to also to come and tour up here because of the price of the America Dollar,\u201d says Henry. \u201cWe are starting to see a little bit stronger economic growth in New Brunswick in general, so that\u2019s going to bring growth not only to the Fredericton and Moncton\u00a0markets,\u00a0but also to ours as well.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Jan 17, 2018\u00a0by\u00a0Cherise Letson SAINT JOHN \u2013 The president of the Saint John Real Estate Board hopes this year is as good as the last one, with homes sales up nine per cent\u00a0in 2017. Sheila Henry said the year-over-year growth has been steady with 2,365 homes sold in 2017, up from 2,159 sales in 2016 […]<\/p>\n","protected":false},"author":2,"featured_media":-1,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-14171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-technology"],"yoast_head":"\n
Saint John Real Estate Board Believes the Housing Market Will Keep Growing in 2018 - Giv'er Saint John<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.saintjohnonline.com\/blog\/2018\/01\/17\/saint-john-real-estate-board-believes-housing-market-will-keep-growing-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saint John Real Estate Board Believes the Housing Market Will Keep Growing in 2018 - Giv'er Saint John\" \/>\n<meta property=\"og:description\" content=\"Jan 17, 2018\u00a0by\u00a0Cherise Letson SAINT JOHN \u2013 The president of the Saint John Real Estate Board hopes this year is as good as the last one, with homes sales up nine per cent\u00a0in 2017. 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<\/p>\n