Home prices fall in Fredericton despite increase nationally

Fredericton continues to buck the trend when it comes to home prices, according to the latest Royal LePage House Price Survey.

The aggregate price of a home in Fredericton fell by one per cent year-over-year to $235,572 in the third quarter of this year.

When broken out by housing type, the median price of two-storey homes and bungalows fell slightly, while the median price of a condominium inreased by about 15 per cent.

Lincoln Thompson, broker and owner at Royal LePage Gardiner Realty, says homeowners from bigger cities continue to relocate to the region and benefit for significant differences in home prices.

Nationally, the price of a home increased by 13.3 per cent in the third quarter to $628,411.

Despite the region's affordability, Thompson says first-time buyers are struggling to get in the market because mounting regulation continue to affect real estate activity.

He says while inventory levels are down modestly, there's still enough product on the market to limit price appreciation and keep the region in a balanced market for the rest of the year.