Moncton is continuing to see the highest home prices in New Brunswick, according to a new survey.
The latest Royal LePage House Price Survey shows a 29 per cent increase in prices over the past year.
Homes in the Hub City now cost an average of $382,900, compared to $296,000 one year ago.
Saint John saw an increase of nearly 24 per cent, from $222,250 to $274,800 on average.
In Fredericton, home prices have climbed from $277,000 to $328,100 over the past year, an increase of 18 per cent.
Phil Soper, president and CEO of Royal LePage, said they expect prices will continue to climb in the months ahead due to the “relentless low supply-high demand imbalance.”
“We are seeing the first signs of moderation in some regions, as more inventory is becoming available and competition eases slightly,” Soper said in a news release.
The new survey comes a week after the Bank of Canada increased the interest rate by 50 basis points to one per cent.
Soper said while the increase will be a “drag” on demand, its impact will be “relatively minor” compared to the impact of higher home prices.
“It is worth noting that most Canadians with higher loan to value mortgages have successfully passed the stringent federal requirements of the OSFI mortgage stress test – they have proven that they can manage significantly higher rate increases than we anticipate they will see,” said Soper.
