Hi everyone, things are slowing down in the real estate industry, especially for yours truly.
This summer was a banner year, the first thing I realized was that it was Labour Day and the summer was gone. I had not even gone to the beach, but then there were only 3 weeks of really good beach weather anyway.
My first reaction was what happened? Why so busy? I only know that the population of Fredericton, New Brunswick has grown significantly in the last 2 years, 85,288 in greater Fredericton. What is going on? There seems to be lots of development happening in the retail sector, and those big box stores don’t come to town unless the market is there.
The interest rates seem to be holding, some fluctuation but nothing too scary. There was a bit of a scare in the States with some lending companies but it seems to have settled down.
The Canadian dollar at par has decreased the number of folks coming from the U.S. to buy real estate, but they are still coming for other reasons. Fredericton, New Brunswick Canada is one of the prettiest cities in the world, with the Saint John river running through, real estate values are still reasonable for the average person, and the crime rate is low compared to other centers. It is a great place to raise a family.
In my opinion, it is the demographics of the population that seem to be affecting the real estate market. The bulk of the population right now, the baby boomers, have turned 60. Which means there are more 60-year old people than 20-year old people. One only has to look at the life style of a 60-year old person to see the trend in the market.
Many people in this age group are selling their big two-story home or three level home to down size into a more manageable condo, town house or a bungalow on a small lot. People in this age group don’t like stairs, and they are tired of mowing lawns and shoveling snow. Many in this group are snowbirds, and a condo is a great choice if you are away during the winter. Some people are even selling the big house, and the cottage, and buying an RV to travel around for a few years. Bravo!
Another twist in all of this is the number of people “coming home” from out west. Perhaps they have been there for 5 years and have come home for a better life style, or they have been there for 40 years and are coming home to retire. Whatever, we are glad to have them back.
Whatever the reason for the brisk real estate market, I intend to stay on top of it and keep gathering and sharing information. Stay tuned!
I would really enjoy hearing from you on any topic, so send me an e-mail to frankie@frankiegillespie.com
Recent Comments