Atlantic Canada multi-residential construction projects soared in September, new Canada Mortgage and Housing Corporation data shows.
Multi-unit housing starts ballooned 186% to 11,835 in September from 4,907 a year earlier. The multi-residential sector drove an overall 71.7% housing start increase.
By comparison, the region’s single-detached home construction launches dropped 46.7% to 2,664 from 4,907.
Multi-unit construction launches drove an overall increase in housing starts in Atlantic Canada. Total starts jumped 71.7% to 14,499 from 8,445 a year earlier.
“It seems the current higher interest rate environment has not yet had the expected negative impact on multi-unit construction activity so far in 2023,” said Bob Dugan, CMHC’s chief economist, in a news release.
Developers anticipate more multi-residential housing starts after Nova Scotia and Newfoundland and Labrador scrapped their apartment construction sales taxes. Those moves came after Ottawa exempted multi-residential projects from G.S.T. charges
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.