Amid a burgeoning economy, the market is seeing greater need for spaces geared towards low- and mid-income households
Prince Edward Island is augmenting its affordable housing supply with an $11.9-million federal commitment for the construction of a 4-storey low-cost residential complex in Charlottetown.
The Canadian and provincial governments have announced the development of the 60-unit Martha Place housing complex.
The building will be situated at 2 Acadian Drive in Charlottetown, and it will also house part-time social services from the Sisters of St. Martha.
“The City of Charlottetown is committed to working with all levels of government, stakeholders, community organizations, and private developers to create more affordable and accessible housing units in the Capital city,” Charlottetown mayor Philip Brown said in the announcement.
“Martha Place will be a great addition to Charlottetown’s housing stock and will help us move towards a more comfortable vacancy rate.”
Earlier this year, the Conference Board of Canada predicted that Atlantic Canada’s home-buyer purchasing power will especially benefit from 2019 economic growth.
This will be largely impelled by stability in the service sector, growth in exports, and consistency in oil production.
PEI will be the stand-out performer with its projected 3.2% growth by the end of the year, considerably exceeding the levels seen elsewhere in the country.
“Over the next two years, the Island should outpace nearly every other province in the country when it comes to its rate of population growth. Consequently, the construction industry is set to surge this year, thanks to new housing developments on the Island,” the Board explained
“Add to that the impressive tourism prospects and the elevated demand for PEI products boosting exports and manufacturing, and economic growth in the province should continue to outpace the Canadian average -- a feat that PEI has achieved every year since 2015.”