Building activity has fallen far short of desired targets in recent years
Prince Edward Island will need to build more than 2,000 housing units per year just to keep up with historically high population growth, according to data from the Department of Finance.
However, the pace in recent years has fallen far short of this target, with reports from Canada Mortgage and Housing Corporation (CMHC) indicating that only 1,484 units were built in 2020, and then dropped to 1,266 completed homes in 2022.
PEI Housing Minister Rob Lantz said that to address this slack, the province will be unveiling an updated housing policy this summer.
“The province is in the process of developing a long-term housing strategy with focus on expanding each component of the housing continuum, from emergency shelters right to market housing,” Lantz said in Charlottetown recently, as reported by CBC News.
“We also have to look at how we can create the environment for more housing in this province,” he added. “Whether it’s land-use planning, bylaws, rezoning, property-tax incentives or the permitting process, we need to make every effort to remove barriers for development… We need to make PEI an attractive place to invest in housing.”
Delays in residential project approvals appear to be unduly influencing the state of housing affordability nationwide, according to new research by Canada Mortgage and Housing Corporation (CMHC).https://t.co/VUgx5toTB5#mortgagenews #affordability #housingmarket
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 17, 2023
However, Lantz stressed that any acceleration to the pace of construction will not happen overnight, describing the 2,000-unit annual goal as “certainly a stretch goal this year.”
“We have to continue to build the capacity to get to that point,” Lantz said. “That involves a lot of co-operation between all three levels of government here — and, particularly, private development plays a huge role in meeting these goals.”
