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
![](https://www.ctvnews.ca/polopoly_fs/1.6891799.1715973653!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Serial sexual offender linked to unsolved 1970s homicides of four Calgary girls, women
An investigation into unsolved historical homicides from the 1970s has linked the deaths of two girls and two young women in and around Calgary to a now-deceased serial offender.
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.
Video appears to show Sean 'Diddy' Combs beating singer Cassie in hotel hallway in 2016
Security video aired by CNN appears to show Sean 'Diddy' Combs physically assaulting singer Cassie in a Los Angeles hotel hallway in 2016.
Scottie Scheffler isn't the first pro golfer to be arrested during a tournament
Scottie Scheffler's arrest hours before his second-round tee time at the PGA Championship in Louisville, Kentucky, will go down as one of the most shocking in professional golf history. It certainly wasn't the first, though.
B.C. man 'attacked suddenly' by adult grizzly near Alberta border: RCMP
A B.C. man is recovering from multiple injuries after he was "attacked suddenly" by an adult grizzly bear near Elkford Thursday afternoon.
Anglers reel in 3.5-metre-long tiger shark off coast of Florida: 'She found my bait'
A group of fishers said it took roughly 20 minutes to reel in this 3.5-metre-long tiger shark off the coast of Florida.
Australia's richest woman seeks removal of her portrait from exhibition
Art is subjective. And while many artists long to share their work with the world, there's no guarantee that the audience will understand it, or even like it.
Canadian convicted of attacking Nancy Pelosi's husband with a hammer sentenced to 30 years
The man convicted of attempting to kidnap then-U.S. House Speaker Nancy Pelosi and attacking her husband with a hammer was sentenced Friday to 30 years in prison.
NEW What a wildfire survivor says she regrets not grabbing before leaving home
Carol Christian had 15 minutes to evacuate her home during the Fort McMurray wildfires in 2016. She ended up losing the house and everything inside. Now, she wants to share the lessons she learned.