Greater Moncton sets 2019 home record

January 22, 2020

The total value of building permits issued in 2019 in Greater Moncton is approximately $ 257.4 million, which is a record for the region.

"It is becoming more like a downtown area," said Richard Dunn, economic development officer for the City of Moncton.

Moncton has never seen more construction sites than in 2019.

"For the first time, we have more than $ 250 million in a year and really, these are investments from the private sector," said Richard Dunn.

One of the biggest builders of 2019 was cannabis company Organigram. The expansion of its facilities has injected $ 50 million into the real estate industry.

The residential sector is also in full swing. 55 Queen Street, for example, offers a new vision of the city center, with a building comprising condos, other accommodation, a hotel and shops on the ground floor.

"We have been really busy, all the apartments are rented, so that shows proof that it is booming in Moncton right away," says Martine Godbout, real estate agent in Greater Moncton.

Up to 727 rental units were built in 2019 in Moncton. Demand is strong and the vacancy rate continues to decrease.

"It is above all residential real estate that draws our attention ... Even if we note satisfactory growth in residential real estate, we want to make sure to offer, to those who come to settle in the region , options that meet their housing needs, "said Kevin Silliker, director of economic development for the City of Moncton, in a press release.

This real estate growth will help fill the Moncton tax base. The City plans to collect $ 5 million a year in property taxes.

"With growth, we have more property taxes, so we have more opportunities for services, to provide services to citizens," adds Richard Dunn.

In 2020, the City of Moncton plans to expand on new vacant land and focus on the development of new neighborhoods.

Dieppe

Dieppe is not to be outdone, with building permits worth a total of $ 96 million in 2019 in Dieppe. The previous year, the value of permits reached $ 57 million.

"Just to see how 2020 begins, I think it will continue," adds real estate agent Martine Godbout.

According to this specialist, Greater Moncton real estate still has a bright future ahead of it.

Credit: Radio-Canada
Photo:
 Tori Weldon/CBC

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