COMMENTARY: More homes needed to restore housing affordability in Charlottetown
Saltwire
AI Article Summary
Charlottetown's housing market has significantly transformed with an acceleration in homebuilding. However, housing construction has not kept pace with the population growth, resulting in house prices and rents rising faster than incomes. This scenario particularly affects young people trying to purchase their first home, making housing more unaffordable. More homes are needed to address this affordability crisis.
What This Means for Canadian Contractors
This situation shows how vital it is to increase housing supply to meet population demands. For Canadian builders, this means a potential increase in permits and funding opportunities for residential projects. However, it also suggests a need to streamline construction timelines and address labor shortages to avoid further delays.
