While housing markets in provinces such as Ontario and British Columbia have experienced significant declines from pandemic-era peaks, New Brunswick’s real estate market, particularly in the Moncton area, has continued to show growth. According to data from the Greater Moncton Residential Real Estate Board, the median price for detached homes sold in June stood at $394,200. Although this represents a 4.8 percent decrease from the previous month, it marks a 6.5 percent increase compared to the same period last year and a substantial 139 percent rise since June 2019, before the pandemic-driven housing surge.
Despite this upward trend, housing in Moncton remains relatively affordable compared with the national median price of $744,110 recorded in May by the Canadian Real Estate Association. A typical home around the $394,200 price point offers buyers certain features and trade-offs, experts say.
Mike Doiron, a realtor with Exit Realty Associates in Moncton, described a typical property listing at 73 Burlington Avenue, priced just under $390,000. The home is a modest, box-style family residence built in the 1950s, measuring just under 1,400 square feet, with four bedrooms, one bathroom, and an unfinished basement. He noted that while the house fits within the median price, buyers often face tighter financial margins today compared to previous years.
“Moncton people are starting to be house-poor,” Doiron observed. He explained that the average family income in the region is about $82,000 annually, a figure that has not kept pace with the rapid increase in housing costs over the past six years. In earlier times, a family that qualified for a $340,000 mortgage could still maintain a comfortable lifestyle with multiple vehicles and the ability to take annual vacations. Now, many buyers are stretching their borrowing capacity to the limit or are purchasing homes jointly with adult children. Banks, he said, are increasingly comfortable approving mortgages that push buyers into tight financial situations.
One appealing feature of this Burlington Avenue property is its corner lot, which is approximately 1.5 times larger than typical lots in the area. This could be advantageous for buyers seeking to capitalize on proposed local zoning changes allowing the creation of additional dwelling units (ADUs) on residential lots. Such units, including in-law suites or rental spaces, are becoming a common strategy to offset housing costs and increase local housing supply.
About 25 kilometers west of Moncton, properties like the one at 8 Gordon Street in Salisbury offer larger homes at a higher price point but still below prices in larger urban centers. Realtor Dennis Wilson of Keller Williams Capital Realty described the Salisbury home, recently discounted by $10,000 to $439,900, as nearing entry-level pricing, especially given its 2,200 square feet, finished basement, and space suitable for multigenerational living.
Wilson credited Moncton’s role as a regional economic hub for its price increases during the early 2020s, noting the influx of newcomers attracted by job opportunities and affordability. However, he added that the pace of growth has slowed, though interest from out-of-province buyers continues.
Wilson cautioned buyers to consider ongoing costs carefully. He pointed out that New Brunswick’s property taxes are relatively high compared to the home prices, with the Gordon Street property’s annual tax bill at $4,246.66. While this is about half the comparable amount in suburban Toronto, where home prices can be nearly triple, carrying costs in the region remain significant due to taxes and utilities such as electricity and gas.
“A lot of [out-of-province buyers] come down and love it, but I don’t think some people think things through fully,” Wilson said, highlighting the importance of evaluating total expenses beyond purchase prices when considering the area. Despite these challenges, Moncton and surrounding communities continue to offer comparatively affordable options in the Canadian housing market.