Statistics Canada released a report Tuesday, August 10 stating that house prices experienced a slight increase of 0.1% in June. The largest gains were recorded in Saint John, Fredericton and Moncton, New Brunswick, where housing prices were up 1.3%. The increase is attributed to an increase in material and labour costs and land development costs. Despite the overall increase, 21 metropolitan areas recorded a decrease in housing prices. For example, Charlottetown and Regina experienced decreases of 0.3% and 0.4% respectively.
Accompanying the house price increase, the CMHC reported that total housing starts decreased to 189 200 in July, a 1.6% decrease from June.
See current New Brunswick mortgage rates.