The Best Mortgage Rates in Moncton
The Best Mortgage Rates in New Brunswick
|5 Year Fixed Closed View All »||2.39% Marathon Mortgage Corp. »||2.49% BMO Bank of Montreal »||2.59% Modern Financial »|
|5 Year Variable Closed View All »||2.05% Modern Financial »||2.70% Tangerine »||2.70% Royal Bank of Canada »|
|3 Year Fixed Closed View All »||2.34% Modern Financial »||2.44% Royal Bank of Canada »||2.59% CIBC »|
|1 Year Fixed Closed View All »||2.29% Modern Financial »||2.84% CIBC »||2.89% BMO Bank of Montreal »|
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What is a mortgage broker - and why would I work with one instead of a bank?
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The Home of Magnetic Hill
Moncton is the capital city of New Brunswick, with a population of 140,000. With over 30 per cent of its population being French-speaking, Moncton is also a very bilingual city, although less so than Ottawa. Here are some more fun facts about Moncton:
- Home to New Brunswick's main airport, Greater Moncton International Airport
- Many nearby natural attractions, such as Fundy National Park and the Northumberland Strait
- Despite being so close to both the Bay of Fundy and the Northumberland Straight, Moncton's climate tends to be more continental than other maritime regions
- The Bay of Fundy has record high tides and so Moncton is home to a natural phenomenon called a tidal bore, which many residents enjoy watching
5 Things You Need To Know About Buying In Moncton
- The average home price in Moncton is $160,000 – that's over $200,000 lower than the Canadian average!
- Currently, the overall supply of homes for sale on the market is running at historically elevated levels (roughly 12 months' worth of inventory)
- Home sales in summer 2014 were up on year-over-year basis, but still remain below average; this means the current market favours buyers over sellers
- Over 70 per cent of people in Moncton own their homes, but there is still a relatively healthy rental market
- Single-detached homes are most common in Moncton, and apartments tend to be in small building
Frequently Asked Question: What exactly does it mean that Moncton is currently a "buyers' market"?
While chronic supply shortages are driving price spikes in major Canadian cities, the inventory in Moncton is at a record high – this means there's lots of homes to sell, with not enough demand. In fact, Moncton currently has a full year worth of inventory on its hands. This is good for buyers because it means sellers are in a position where they are eager and anxious to sell, rendering them more likely to negotiate home prices and closing terms. Such a large supply of housing also means home prices aren't likely to spike anytime soon – Moncton buyers can expect to be in a good position for a while to come.
Moncton Housing Statistics
Moncton might not be the most bustling urban centre in Canada, but its affordable homes and friendly population are enough to continue to attract home buyers. Despite home prices trending upwards, Moncton is expected to remain one of the more economical choices for home buyers in the foreseeable future.
|Property Prices: Low||Quality of Life Index: High|
|Cost of Living: Moderate||Traffic Index: Moderate|
Buying Property in Moncton – Important Links
Knowledge is power when it comes to making the most of your money, and this old adage is especially true when talking about mortgages. RateSupermarket.ca recommends the following resources to get you started on your mortgage journey in Moncton:
Get Moncton regional housing statistics from the Canada Mortgage and Housing Corporation.
Ever wonder what everyday items will cost you in Moncton? You can compare the cost of living around the world here.
Get all the information you need about Moncton public transit on the Codiac Transpo website.
Are you new to Canada? New Brunswick has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.