Posted Oct 23, 2007, 5:00 PM
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Join Date: Jun 2006
Location: Grand Bay-Westfield :: NB
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Growth spurs housing boom
Moncton official suggests 'we haven't seen anything yet'
By Mary Moszynski
Times and Transcript Staff
Published Tuesday October 23rd, 2007
Appeared on page A1
Metro Moncton's housing growth has continued to climb steadily over the past few years, making it the only Atlantic Canadian region in the list of fastest-growing metropolitans, states a new study.
The Canada Mortgage and Housing Corporation released its report entitled Canadian Housing Observer 2007 stating that Moncton was one of only two cities -- the other being Sherbrooke, Que. -- outside of Alberta, Ontario and British Columbia to top the list of metropolitan population growth.
Between 2001 and 2006 the population of Metro Moncton jumped more than five per cent. In comparison, Saint John saw its population decline ever so slightly in the same time period, the report states.
"In general, larger communities are growing faster than smaller communities," reads the report. "From 2001 to 2006, most population growth was in metropolitan areas, home to two-thirds of Canadians."
That growth is being reflected in more new dwellings and home sales, said Claude Gautreau, senior analyst with CMHC.
The resale of homes has been increasing over the past few years in Metro Moncton with 2006 being a record year in terms of home sales, he said, adding the average price also increased.
"If you look at Greater Moncton it has been growing steadily. Last year was one of the higher in historical terms," said Gautreau.
Figures for this year up until September suggest those statistics for Metro Moncton have slightly increased.
For example, this September Moncton had 267 single housing unit starts compared to 180 last year, and 315 multiple units over 234 units last year.
Ben Champoux, business development specialist for the City of Moncton, said the latest study illustrating the city's tremendous growth simply confirms what he's been seeing firsthand in the region.
"It confirms what we sort of already know so it's always a reassurance of what we're seeing is happening in the community," he said. "Definitely, it's a morale-booster, no doubt about it."
Quality of life, affordable housing and a vibrant city all contribute to the growth, he added.
"We expect this to continue because, frankly, I think in terms of investment opportunities in Moncton we haven't seen anything yet."
These sorts of reports continue to boost consumer confidence in the region and any opportunity that allows Moncton to raise its profile nationally is welcomed, he added.
"There's a lot of job growth and whenever you create many jobs in an environment where our unemployment rate is near record-low, it has no choice but to attract workers from outside to the community," he said.
"By default, in-migration fuels housing demand."
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