Why More People Are Moving from Georgina to New Brunswick

As housing prices continue to rise across Canada, many people from larger towns like Georgina are looking for more affordable, quieter places to live. With Georgina's population increasing by 4.66% from 47,128 in 2017 to 49,202 in 2022, many residents are finding the once-sleepy lakeside town busier and more expensive. This has led to a growing interest in the Maritime provinces, where the slower pace of life and more affordable housing market provide a similar appeal to what Georgina once offered.

The Appeal of Atlantic Canada

The Atlantic Canada real estate market, comprising New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador, has seen steady demand and pricing gains in recent years. Limited inventories and growing populations have contributed to this trend, making these provinces attractive to those looking to relocate. With mortgage rates expected to ease in the coming months and the economy remaining stable, the housing market in Eastern Canada is anticipated to perform even better heading into 2025.

What’s Happening in the Atlantic Canada Housing Market?

New Brunswick

New Brunswick's real estate market is experiencing notable changes. While new home sales fell by over 13% year-over-year in March 2024, home prices surged by 9.5% to $295,900. This increase was seen across various types of homes:

- Single-Family Homes: +9.6% to $296,700

- Townhomes: +8.5% to $269,600

- Apartments: +6.2% to $269,800

Despite the decline in sales, shrinking inventories have driven prices up. New listings dropped by 1.9% to 1,051 units, and active listings fell nearly 2% to 2,388 units. Based on the five-year average, new and active listings were down 12.1% and 10.5%, respectively. The months of inventory increased slightly to 3.6 in March 2024 from 3.2 the previous year.

Here’s a look at different housing markets within New Brunswick:

- Fredericton: Sales: 151, Average Price: $339,613

- Greater Moncton: Sales: 252, Average Price: $354,976

- Northern and Valley Region: Sales: 106, Average Price: $201,420

- Saint John: Sales: 147, Average Price: $326,937

According to Mike Power, head of the provincial real estate association, while there has been a decline in sales compared to last year, there’s a growing sense of momentum in many regions of the province. With a decrease in interest rates on the horizon, potential buyers may be waiting to make purchases until rates drop.

New housing construction surged by 268% year-over-year in the first quarter of 2024, totaling 604 units, according to the Canada Mortgage and Housing Corporation (CMHC).

Conclusion

For those from Georgina looking for a change of pace and more affordable housing, New Brunswick and the other Maritime provinces offer promising opportunities. Read the full article on the RE/MAX blog for Newfoundland and Nova Scotia stats. 

With steady market trends, rising home prices due to limited supply, and anticipated lower mortgage rates, now could be an excellent time to consider making a move to Atlantic Canada.

Find homes for sale in New Brunswick on MLS® 

Wayne Winch & Brenda Brouwer
REALTORS®
RE/MAX All-Stars Realty Inc., Brokerage
905-476-4111