Saint John recovering from real estate market drought

Mired in a years long slump, recent figures from the Canadian Real Estate Association suggest the Saint John housing market is on the rebound.

Numbers show homes in the Saint John region, stretching from St. Stephen to Sussex, are moving on average within 63 days — a six year high.

Another good sign, according to officials, is seeing multiple offers coming in on homes.

“We’re getting offers within a week, we’re getting offers within two weeks,” said Sheila Henry, president of the Saint John Real Estate Board. “In the previous markets we’ve had probably for the last six to eight years, that just wasn’t happening.”

Tweet This Click to share quote on Twitter: "We're getting offers within a week, we're getting offers within two weeks," said Sheila Henry, president of the Saint John Real Estate Board. "In the previous markets we've had probably for the last six to eight years, that just wasn't happening."

Henry said positive trends are also being seen in the Fredericton and Moncton markets, what is referred to as a “balanced market.”

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Saint John deputy mayor Shirley McAlary is familiar with the real estate industry.

She hopes the positive numbers are a sign of an improving economy.

“People wouldn’t take the opportunity to get into a home situation if they didn’t know that they had a good job and that they were going to be able to afford it in the future,” McAlary said.

Henry says 2017 is trending to be the best year for the Saint John market since 2009 with continued optimism for 2018.