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Situated in the west of New Brunswick, Fredericton is the capital of the province and is a vibrant city with a mix of culture, history, and natural beauty. It has a population of around 56,000, is positioned 112km northwest of Saint John, and covers an area of 130 sq. km. Fredericton is situated on the Saint John River which divides the city, and it’s the third largest city in the province. Most of the city’s Downtown area is fairly low-lying; however, there are also more elevated areas either side of the river. The city experiences prominent seasons, with cold and frequently snowy winters averaging around -14°C in January, and hot summers with temperatures often reaching the mid-to-high 20s.
Fredericton has a bilingual workforce which has been a key contributor to its thriving economy. One of the biggest employers is the public sector and its IT and commercial industries are also very strong. In the whole of New Brunswick, Fredericton has the highest percentage of residents with post-secondary education, which is largely because of the two Universities in the city – the University of New Brunswick, and St. Thomas University. The city has a number of public parks and green spaces and with its tree-lined streets, water features, and its position by the river, it is known for being incredibly beautiful.
Around 23% of the population in Fredericton speak both English and French, but it is considered an Anglophone city. The population is primarily white; however, there are small First Nation, Black, and Asian populations. The city is very cosmopolitan and multicultural, it has a strong arts community and is home to a number or arts venues, and it celebrates its diversity with many different places of worship for the population.
Fredericton has a thriving and balanced real estate market and it’s actually the leading city in the Atlantic region for real estate. The market has seen a growth of 6.6% year-on-year and the average price for a median two-story home is around $320,000, while the benchmark price for a bungalow is around $210,000. The city is experiencing a lot of demand from people migrating to the area, which is driving the market. With a low unemployment rate, economic stability, affordable housing, and a lovely quality of life, Fredericton is a very desirable place in which to live and invest in property.
It’s thought that the demand for real estate will increase in the next few years which will strengthen the real estate market further and lead to more development in the form of single-detached homes and high-rises. Since Fredericton has a large student population, many graduates are deciding to stay in the city to take advantage of its great qualities, which is strengthening the real estate market further especially as housing is so affordable. Students also help to sustain the rental market so Fredericton is a great place for investors as well, and rental rates here are the highest in the province. It’s also very bike-friendly and has a number of city-wide cycling paths and bike racks which help to cut congestion and pollution.
The city has a number of beautiful residential areas and real estate consists of everything from new condos and apartments to beautiful and charming Victorian and Georgian houses. The Downtown core has both shops and restaurants as well as residential areas, and it’s within walking distance of the University and so is a great place for a rental investment.
Fredericton is a very affordable city and it has a range of real estate for all budgets. Detached homes and condos can be found for less than $100,000 in areas such as Woodstock Road, Lincoln Heights, and Nashwaaksis, where a 2-bedroom bungalow can be found for as little as $59,000.
Other affordable areas that have fairly large student populations are Downtown, Forest Hill, Uptown, and North Side.