February Market Update - Buyer and Sellers Get Excited!
Ben Schmidt of www.benschmidt.tv a Fredericton, NB and Oromocto, NB Real Estate Agent, video blogs about February 2010 market review, as well as predictions for 2010.
Well 2010 is off to a fantastic start. I mentioned before how I felt that the marketplace was going to be phenomenal for both buyers and sellers in Fredericton and Oromocto. (here) We now have three indicators that show that, that is exactly the case.
1 - Canada Mortgage Housing Corporation (CMHC) - released their forecasts for New Brunswick. (here) Their predications is both new home construction startups will increase as well as sales will increase. They predict this to be the trend all year, and in 2011.
2 - Bank of Canada released a statement saying that they will stay true to their word, and mortgage rates will remain unchanged, and low until June/July. April is the next time the bank rate could change. They say it will not. This means if you're a buyer that you will be able to see the Spring inventory increase, and not worry that you won't have as good of a rate (here)
3 - February 2010, listings are up 23%, compared to listings in February 2009. Sales are up 25% in February this year, compared to last February
So the inventory is going to increase this year, but there will be a rush of buyers to get a home, with rates remaining low, and lots of homes to choose from. I believe Fredericton and Oromocto will be a very balanced marketplace as usual, but the turnover of properties will be very quick.
If you have any questions you can always email me at ben.schmidt@me.com or leave your comments here