House prices rise

A table from the CHMC Housing Now Saint John-Moncton-Fredericton report indicates that house prices in Saint John have gone up significantly over the last year. The table, below, illustrates a trend that is seeing sale prices climb faster than NB's other major cities.

While resale values that are higher and having valuable assets can be good for some families, the rising prices could be keeping affordable housing out of reach for many Saint John citizens.

With a jump of almost $25,000 form the second Quarter of 2007 to the same time this year, who can and can't afford a house is rapidly changing.

If property assessments keep pace with market growth the taxes owed on properties can be expected to increase; hopefully the tax rate can drop to accommodate this change (and keeping tax bills in line with what they are). Hopefully if there are more homes and newer homes pushing up these values, the tax rate could even drop, with a larger assessment base to be thanked.