New Brunswick doesn’t have large metropolitan cities like Vancouver and Toronto with 80% of its land covered in forests. But it has one of the cheapest real estate in Canada.
N.B. saw the largest one-year increase in average home prices compared to other provinces. Average price in NB is still around $300,000, which is after a gain of 25.4% from last year. NB still has the cheapest houses and rents in Canada, they have places where you can rent a whole house for under $1000.
Let’s look at a few major cities\towns in NB to get a better sense of NB.
- Fredericton: It is the province’s capital city with population of 58,000
- Moncton: It is NB biggest city with a population of 85K, Imagine now this is the biggest city.
- Dieppe: It is Coastal city and one of the fastest growing cities in NB.
- Riverview: It is quiet and small.
- Rothesay: This is a suburban town which is the safest place to live in NB with the lowest crime rate in Canada.
So, now why is real estate so cheap?
Housing depends on Economy and that depends on business and Jobs. Historically, this province depends on fishing and agriculture only, I don’t have to tell you how unprofitable that is normally. So, historically this province always lacked the high end jobs and infrastructure which normally push the housing prices.
There were not a lot of employment options available in NB and people had to travel a lot for work or move to other provinces.
But wait, things have been changing there.
The Government is spending a lot on infrastructure and a lot of backend jobs like IT Support and call centres are moving there because of low cost.
So, this may help to create some jobs and create its own little economy.
What are we expecting with real estate in coming years?
Lot of people from Ontario are moving to NB because of cheaper homes and low costs and they will keep pushing the prices up.
Also, the economy is getting better but this doesn’t mean that we will see crazy prices like Toronto. This just means that we will see a steady increase in prices in coming years and NB will still be one of the cheapest places to live in Canada for some years to come.
Guys, don’t forget to hit that like button and share with your friends who are planning to move there.