News Release... May Report

Home sales solid in May

Residential activity in the area served by the Greater Moncton REALTORS® du Grand
Moncton posted another year-over-year increase i n May 20111, although activity did
moderate from a very strong April.

According to statistics provided by the Board, home sales numbered 279 units in May
2011, the fourth highest level on record for May sales. It was an increase of 29 percent from the weak month of May in 2010. By comparison, provincial sales activity
was up 16 percent from year-ago levels.

On a year-to-date basis, sales remain four per cent above levels in the first five months of 2010.

“May was a good month for home sales in the region, though not quite as strong as
the near-record setting performance we saw in April,” said Shirley Powell, President
of the Greater Moncton REALTORS® du Grand Moncton. “While sales gains have
been seen across all price ranges, the biggest surge has been in the $150,000 to
$250,000 range, and that’s definitely having an effect on the average selling price.”

Sales activity in the price range from $ 120,000 to $150,000 rose 20 percent from
year--ago levels,while transactions priced from $150,000 to $250,000 jumped 45 percent. Activity priced from $250,000 to $350,000 was up 31 percent, although this
segment represents is fairly small in terms of its share of the market.

The average price for residential activity in Moncton was $167,433 in May 2011
marking the highest level ever reached. It was an increase of seven per cent from
May 2010. The average price of home sales in all of New Brunswick was $174,632 in
May, rising five percent on a year-over-year basis.

New listings on the Board’s MLS® system numbered 506 units in May, up 15 percent on a year-over-year basis. Active residential listings on the Board’s MLS®
System totaled 1,859 units at the end of May, rising two percent from the same
period last year.

There were 8.7 months of inventory at the end of May on a seasonally adjusted
basis. This was up from 6.9 months in April 2011, but that figure was the lowest in
three years due to the strength of sales in April. The number of months of inventory
is the number of months it would take to sell current inventories at the current rate of sales activity.

The total value of residential sales reported through the Board’s MLS® System was
$46.77 million in May 2011, jumping 39 percent from year-ago levels. The monthly
dollar value of residential sales in New Brunswick was up 22 percent from the
previous May.

Total sales activity numbered 315 units, up 27 percent from a year earlier. The
value of all property sales in May 2011 amounted to $51 million, an increase of 44
percent from year-ago levels.

The Greater Moncton REALTORS® du Grand Moncton represents more than 317
REALTORS® from over 33 member offices in Moncton, Dieppe, and Riverview as well
as nearby communities in South Eastern New Brunswick. MLS® is a co-operative
marketing system used only by Canada's real estate Boards to ensure maximum
exposure of properties listed for sale.