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Posted Jul 19, 2008, 3:43 PM
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Join Date: Jun 2006
Location: Grand Bay-Westfield :: NB
Posts: 3,075
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Metro's housing market holds strong
Statistics released yesterday show affordability is second to none
Published Saturday July 19th, 2008
A1
by dwayne tingley
A 'for sale' sign is posted in front of a new home on Oak Ridge Drive in Moncton's north end.
Statistics released yesterday support Bouchard's plucky pronouncement.
The housing market in Moncton was healthy in the second quarter of this year with moderate increases in value expected to continue for the remainder of 2008, according to Royal LePage Real Estate Services house price survey.
"Everything looks very positive in our market," said Bouchard, owner of Royal LePage Metro. "Consumer confidence is good, the employment picture is good and the economy is moving along.
"When businesses look to locate in Atlantic Canada, they see our central location and they appreciate our affordable housing. It all goes into a positive economic picture for the Moncton region."
The fastest growing aspect of the housing market in Metro Moncton is in detached bungalows.
An average detached bungalow in Moncton sold for $164,000 during the first two quarters of this year -- a 15.5 per cent increase over last year's average price of $142,000.
The Atlantic region average for a detached bungalow is $177,561 or an increase of 11.3 per cent over last year. The Canadian average is $351,587 or a jump of just 5.6 per cent over last year.
Donny Légère, franchise owner of PropertyGuys.com Moncton, agrees that affordability in Moncton is quite good at the moment and believes it has a lot to do with an increase in homeowners choosing private sales.
"When a customer decides to sell privately there's no commission involved, therefore they can price it more aggressively without having to inflate the price to pay for commissions," he said.
"There are very affordable houses -- fantastic homes at great prices compared to even Fredericton and Saint John and we believe that private sales have had an impact on that."
Légère said PropertyGuys.com Moncton has helped homeowners sell more than $18.5-million in homes in the Metro area already this year. That number is double the figure last year and Légère believes an increase in privately-sold homes will continue in the future.
Greater Moncton Chamber of Commerce executive-director Valerie Roy said affordable housing as always been one of Metro's strongest assets.
"Keeping housing affordable for new people moving into our area and keeping young people here, allowing them to remain in the area has helped our economy," Roy said.
"Young families will stay and locate in areas with affordable housing. That's what gives Moncton a huge competitive edge."
Bouchard said high-end housing is in a bit of a slump throughout the country, including the Maritimes. However, more people are looking for well-made, basic bungalows and there's a lack of them in Metro Moncton so their prices are increasing.
"We've always been a two-storey city, but people, like the Boomers and even young families, are looking for everything on one level now," Bouchard said.
"These bungalows give them their own space, but at an affordable price and they can put some equity into these homes then they will have a strong re-sale value as well."
Deputy Moncton Mayor Pierre Boudreau said housing in Metro is both affordable and built with high standards.
"The prices are still affordable and the quality of construction is great," Boudreau said. "It should help us attract more people, more businesses to the Moncton, Dieppe and Riverview area. It's good news for everyone."
Overall, the housing market in Atlantic Canada is solid. Detached bungalow prices jumped 23.1 per cent in St. John's, N.L., 20.1 per cent in Saint John, 6.1 per cent in Charlottetown and just 1.2 per cent in Halifax.
The sharpest increases in Canada were recorded in Regina (36.7 per cent) and Saskatoon (21 per cent), while prices fell 14.5 per cent in Edmonton and 4.7 per cent in Calgary.
"We hear a lot of negativity about the markets in the United States, but the housing statistics in Canada remain strong," Bouchard said. "I expect it to stay that way for the rest of the year."
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The Sleuth
News that Hudson's Bay Co. has been sold to a U.S. firm that runs the classy Lord & Taylor department store chain must have rattled a few dishes at The Bay store in Moncton.
The local outlet must be hanging on for dear life with the lack of support from Highfield Square. Now that a new owner is riding into town, Sleuth has to wonder how much longer they will put up with the revenue generated by the Moncton outlet.
***
The Moncton contingent to the IAAF World Junior Track and Field Championships in Bydgozcz, Poland is back in town, filled up with good Polish sausages and information on how to host the major event.
The local delegation, which included city officials, reps from Athletics Canada and members of the local organizing committee, wanted to see first-hand how an event with more than 130 countries went off.
Sleuth's sources say they were impressed by the Polish organization and hospitality. This old gumshoe also hears that we can expect an announcement within a week on who will be the chairman of the 2010 Moncton Games.
If the whispers planted in Sleuth's eager ears are correct, expect the lead person for the Games to be a very well-respected local businessman who is known for both his community involvement and for knowing how to get things done.
***
After what seems like an eternity, Metro should also finally get all the inside dope this week on what's going to take shape at the corner of Mapleton Road and Wheeler Boulevard.
The land has been cleared for development since last year and Sleuth was starting to get questions on whether anything was going to be built on the prime corner land. Fear not, Metro shoppers!
Sleuth hears the next phase of retail development will include some stores that have not yet appeared anywhere in New Brunswick. Expect a mix of fashion, home and electronics, service outlets and restaurants.
And sticking with the hot Mapleton corridor for just a second, Sleuth also hears the long-established Day & Ross terminal at the corner of Mapleton and the Trans-Canada Highway may soon be on the move.
Sources say the trucking firm has its eye on land in the Caledonia Industrial Park for a new home. Of course, the trucking folks also know their property is now among the most sought-after in the entire city as Mapleton is widened and becomes a key retail corridor for the entire region.
So, what's planned for that corner? Another hotel? A factory outlet village? . . .
***
Now that the exact location of Moncton's new $90 million casino has been revealed, expect to see some hot real estate action near the southwest corner of Mountain Road and the Trans-Canada Highway.
The casino is actually tucked in off Mountain Road, between the Sunshine Estates subdivision and the Petro-Canada gas station. There's still a large hunk of land available between the casino and the TCH.
Sleuth would love to know who owns that property. Speaking of a casino, anyone want to place bets before that prime property gets scooped up by someone with plans for another hotel or retail space?
Meanwhile, Sleuth's phone is starting to ring with parents just a bit concerned with the proximity of the casino to the new north-end school on Ryan Road.
The gambling spot will be just a good soccer kick from the school. Let's see, just imagine the school's curriculum now . . . OK class, after recess, we will begin our lesson on blackjack dealing followed by some high-stakes poker!
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