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Tuesday, February 25, 2014

Local Housing Market Will Remain Lacklustre

The Saint John housing market in 2014 will be flat but the worst is over. So says analyst Jason Beaton of Canada Mortgage and Housing who tells CHSJ News it's a good time if you want to buy a home because there's an over supply but if you are looking to sell your home, there's a lot of competition for buyers and it's taking, on average, 120 days to make the sale.

Beaton doesn't expect growth in the housing market until 2016. He says there's an over supply of homes and apartments in Saint John with the vacancy rate at a record 12 per cent which accounts for the incentives being offered to renters.

He does say the housing market is healthier in the Kennebecasis Valley than it is in the city proper.