CMHC estimates N.S. will not meet housing demands for years
The Canada Mortgage and Housing Corporation (CMHC) says the record-breaking population growth in Nova Scotia is preventing the province from meeting housing demands.
According to the CMHC Housing Market Outlook report, new home construction in Halifax is expected to increase, but the completion of those projects is behind where they need to be.
“Given the level of population growth we’ve seen, we need to address both supply and demand,” said Kelvin Ndoro, CMHC’s economics lead.
The report showed while Nova Scotia is already seeing a record number of new units under construction, the completion of the projects is still lagging behind by roughly three years.
“In trying to complete these projects they’re also having to compete for the same labour in starting new projects.” Said Ndoro. “At the same time expect to see a slowdown in the rate of completion just because there isn’t enough labour to go around.”
Roughly 8,700 primarily apartment units are being built since February, according to the Nova Scotia Real Estate Association.
“We only have just over 360 single family units that are being constructed, so that 8,700 number, that’s new units over the next two or three years that we can see coming to fruition,” said Suzanne Gravel, president of the Nova Scotia Real Estate Association.
Construction in Dartmouth, N.S. (Hafsa Arif/CTV Atlantic)With the housing demands so high, the cost of homes has also increased, surpassing many buyers’ budgets.
“Most popular pricing of homes that does not last on our markets between to $300-$500,000. That’s is our fastest off the market homes,” said Gravel.
This is in-turn driving up rental costs, which is something the province has been seeing since the pandemic.
“Right now it’s leaving a lot of people continuing to rent and the challenge with that is that renting is not especially affordable either so you’ve got this situation where people feel like they don’t have a buying opportunity, but are also getting squeezed on the rental side of things,” said Nova Scotia realtor Chandler Haliburton.
As of now, Nova Scotia has 854 homes that are on the market within that range; 149 of them are in the Halifax-area.
Much of the new construction around the city is for rental units and Haliburton said that addresses another existing market issue.
“When you build on building, you can potentially add 100 units to the market. Housing doesn’t work the same. You could do a whole street and if you’re lucky you might add 16 units of single family homes,” he said.
For more Nova Scotia news visit our dedicated provincial page.
CTVNews.ca Top Stories
DEVELOPING 122 active wildfires burning across Canada, 32 considered 'out of control'
The 2024 wildfire season has begun, and it's shaping up to follow last year's unprecedented destruction in kind, with thousands of square kilometres already consumed.
B.C. parents sentenced to 15 years for death of 6-year-old boy
A British Columbia Supreme Court judge has sentenced the mother and stepfather of a six-year-old boy who died from blunt-force trauma in 2018 to 15 years in prison.
Veteran TSN sportscaster Darren Dutchyshen has died
Veteran TSN broadcaster Darren 'Dutch' Dutchyshen, one of Canada’s best-known sports journalists, has died. He was 57. His family says 'he passed as he was surrounded by his closest loved ones.'
Miller scores late as Canucks grind out 3-2 win over Oilers in Game 5
J.T. Miller scored in the final minute of the game and the Vancouver Canucks came back for a 3-2 victory over the Edmonton Oilers in Game 5 of their second-round playoff series Thursday.
Think twice before sharing 'heartbreaking' social media posts, RCMP warn
Mounties in B.C. are urging people to think twice before sharing "heartbreaking posts" on social media.
Police issue Canada-wide warrant for Regina homicide suspect
Police have issued a Canada-wide warrant for a man wanted in a homicide which occurred in Regina on May 12.
Trudeau calls New Brunswick's Conservative government a 'disgrace' on women's rights
Prime Minister Justin Trudeau assailed New Brunswick's premier and other conservative leaders on Thursday, calling out the provincial government's position on abortion, LGBTQ youth and climate change.
Kevin Spacey receives star support as he fights to get his career back
Kevin Spacey is pushing back on the 'rush to judgment' against him and is being backed by some big names as he seeks to reclaim his acting career.
Speaker cuts ties with Sask. Party, alleges he faced threats, harassment from gov't MLAs
The Speaker of the Saskatchewan Legislature Randy Weekes has severed ties with the Sask. Party after accusing some members of harassment and intimidation tactics, including a situation he claimed saw the Government House Leader bring a hunting rifle to the legislative building.