The increased sales volume has gradually eaten away at inventory, putting sellers in a better position, said Sheila Henry, the association’s president. Active residential listings numbered 4,755 at the end of March, down 19 percent from March 2018.
Still, New Brunswick remains one of Canada’s least populous and most affordable housing markets, with an average sale price in 2018 of 175,976 Canadian dollars ($131,000), compared with 488,600 Canadian dollars ($363,000) nationwide.
In St. Andrews, “the market’s been active in the $400,000-and-under price points” — or less than about $300,000, in American dollars — “so there’s not quite as much inventory as we’re used to,” said Mark Gauley, an agent with RE/Max St. Andrews. Higher-end properties offer some of the best value at the moment, he noted, as there is less demand at that end of the market.
The average sale price in St. Andrews last year, for a total of some 66 sales, was 255,139 Canadian dollars ($190,000), according to data provided by Ms. Henry.
Properties within walking distance of downtown are the most in demand, but supply is limited, given the town’s small size.
“Because it is starting to be more of a seller’s market, people are willing to use their imaginations and take on a renovation project if it’s a good location,” Mr. Gauley said. “St. Andrews is all about layers of history: If you look at 10 properties, they’re all going to be different.”