The short answer is that the average price of a home in New Brunswick in 2024 was $326,100. However, the real answer to this question depends on what “home” means to you. In New Brunswick, the diversity of lifestyles means that home can be anything from a secluded rural property surrounded by nature, to a semi-rural property with a bit more land and a short commute to work and groceries, or a house in one of the province’s 3 big cities or one of the many charming towns with all of their amenities. Each setting offers unique benefits and price points, so the cost of a home can vary widely depending on location, property type, and features. People move to New Brunswick for many different reasons, many of which can be found in my other blog post. Whatever the reason, New Brunswick remains an attractively priced market for many Canadians.

The New Brunswick Market Since COVID-19

The real estate market in New Brunswick has seen significant changes since the onset of COVID-19 in 2020. Initially, the pandemic sparked a wave of uncertainty, but that quickly changed to a wave of relocations as people were fleeing populated areas for less populated areas, driving up demand in the province. This surge led to increased competition, with homes selling faster and often above asking price. With interest rates beginning to climb, and COVID restrictions beginning to lift we saw a market slowdown in late 2023 when interest rate uncertainty and reduced buying power for some made affected the market. The secret about lower home prices in Atlantic Canada was out of the bag though, so we didn’t see the sharp declines that other markets across Canada saw. While prices remain higher than pre-pandemic levels and continue to climb, the rate of increase has slowed, and buyers are now finding more opportunities to enter the market.

Current Market Conditions in New Brunswick 

The average price of a home across New Brunswick climbed 9.6% in 2024. Anecdotally, as compared to 2021, 2022, and early 2023 we have seen a pronounced slowdown in rural sales, which began in late 2023. The most populous and most desirable areas of NB, such as Fredericton, Moncton, Saint John, Quispamsis, and Oromocto, have remained extremely competitive and many homes are still selling over asking with multiple offers. Active listings are up 10% over 2023, and sales are also up 4.2 percent. Buyers aren’t quite as panicked about buying like they were during COVID and are slightly more discerning, but a good home in a popular area is still a very hot commodity. The thing to remember is that real estate is local, and there are many factors that influence pricing and demand. While the 10,000ft view of the provincial market is a good indicator of the appetite for real estate in any province, it’s important to consider each market separately, and discuss market conditions with a REALTOR® that understands the market conditions of your desired areas.

What’s Available Now?

Here’s a snapshot of the types of homes that were recently sold in New Brunswick in 3 different categories. These examples are average sized homes, of average condition, with average features and indicative of what the average middle class family might seek. I’ve included the estimated mortgage payment using the RBC online mortgage calculator and the default rate and with a 5% down payment. *It’s important to note that your rate might be different, and will vary with different terms. 

• Rural Homes are for those seeking peace and solitude: offering larger lots, wooded surroundings, and the charm of countryside living. These properties can be surprisingly affordable, with prices typically lower than in urban areas. Located more than 30 minutes from a major centre and grocery store.
  • Property 1 Location: Rollingdam (nearest city is Saint John)
  • Details: 3 bedrooms, 2 bathrooms, 1,600 sq. ft.
  • Lot Size: 1 acre
  • Features: Lake waterfrontage, 2 garages, metal roof
  • Property Taxes: $2323.41
  • Sold Price: $359,000
  • Mortgage Payment Estimate: $1962.27
  • Property 2 Location: Chelmsford (nearest city is Miramichi)
  • Details: 3 bedrooms, 2 bathrooms, 2018 sq. ft.
  • Lot Size: 134 acres
  • Features: Acreage, cedar siding, remodeled kitchen
  • Property Taxes: $1422.13
  • Sold Price: $377,000
  • Mortgage Payment Estimate: $2060.65
• Semi-Rural Homes offer the best of both worlds: a bit of privacy and space while staying within reasonable driving distance of amenities. These homes are often located on the outskirts of cities or in small communities. Within 20 minutes of a major centre and grocery store.
  • Property 1 Location: Meadowbrook (nearest city Dieppe/Moncton)
  • Details: 3 bedrooms, 2 bathrooms, 1957 sq. ft.
  • Lot Size: 3.83 acres
  • Features: Oversized lot, new flooring, central heating/cooling
  • Property Taxes: $2858.74
  • Sold Price: $309,000
  • Mortgage Payment Estimate: 1688.97
  • Property 2 Location: Middle Hainesville (nearest city is Fredericton)
  • Details: 3 bedrooms, 2 bathrooms, 1171 sq. ft.
  • Lot Size: 3 acres
  • Features: Double car garage, metal roof, main floor laundry
  • Property Taxes: $1086.55
  • Sold Price: $265,000
  • Mortgage Payment Estimate: $1448.47
• Urban Homes in New Brunswick are located in urban centers like Fredericton, Saint John, or Moncton: these homes often come with smaller lots but provide easy access to schools, shopping, and cultural activities.
  • Property 1 Location: Fredericton
  • Details: 3 bedrooms, 2 bathrooms, 1609 sq. ft.
  • Lot Size: 17921 sq. ft.
  • Features: Split level, attached 1.5 garage, hardwood flooring
  • Property Taxes: $4301.47
  • Sold Price: $395,000
  • Mortgage Payment Estimate: $2159.04
  • Property 1 Location: Moncton
  • Details: 3 bedrooms, 2 bathrooms, 1740 sq. ft.
  • Lot Size: 9267 sq. ft 
  • Features: Raised ranch, hardwood floors, many updates including roof, siding
  • Property Taxes: $3874.56
  • Sold Price: $445,000
  • Mortgage Payment Estimate: $2432.16

Finding Your Home

Whether you’re dreaming of a rural escape, a semi-rural retreat, or the convenience of city living, there’s something for everyone in New Brunswick. As the market continues to evolve, having an experienced REALTOR® by your side can help you navigate your options and find a home that fits your lifestyle and budget.

I generally recommend compiling a list of needs and wants and sharing that with your REALTOR®. This list can include attributes of the home, such as the number of bedrooms, a garage, or specific features you consider essential. It should also address location preferences. For example, do you need to be close to work, medical clinics, or schools? Taking time to identify these priorities will ensure your home search is as efficient and focused as possible.

If you’re planning to move to a new province, find a new job, and secure a mortgage all at once, it’s important to understand the potential challenges involved. Thankfully, there are strategies to simplify the process. Retaining a job that allows you to work from home is the best approach. If that isn’t possible, the next best option is securing a job before moving. If you’re staying within the same company, that’s typically favored by mortgage underwriters. Alternatively, remaining in the same field of work can also help your case when applying for a mortgage.

As your REALTOR®, I can help guide you through these steps, working closely with a trusted mortgage professional to ensure a smooth process. The first step is always to assess the financial aspects of your situation so you know exactly what your budget will be as you start exploring homes in New Brunswick. With the right preparation, finding your dream home becomes much more attainable.

Once we have a clear budget in mind we can begin to narrow down the search to one or more potential locations within New Brunswick. This is where the process of finding a home truly begins. While New Brunswick isn’t the largest province, it’s far too expansive for any one REALTOR® to cover it all. Not all REALTORS® are willing to help clients narrow down locations, but I’m happy to assist. If you decide to settle on an area outside my expertise or range, I have trusted referral partners across the province that I can call on to assist us with your purchase.

From there, we can arrange a virtual or in-person showing to get a closer look. When we find the right property, we’ll put in an offer and, if accepted, work to clear conditions such as home inspections, financing, and insurance. Once all conditions are met, the lawyers and the bank take over, finalizing the transaction while you prepare for your move. A good REALTOR® will guide you through each of these steps, making sure everything is happening on schedule and ensuring the process is as smooth and stress-free as possible.

If you’re curious about the current market or want to explore homes in New Brunswick, feel free to reach out. I’d be happy to help you take the next step toward finding your perfect home. My contact info can be found here.