The Nova Scotia government is pledging to invest at least $1 billion in housing construction over the next five years.
The province released a five-year housing plan designed to develop 41,200 residential units during that period. Many of the government-funded projects are expected to be multi-family real estate rental assets, including affordable housing units.
“We recognize there is a massive need,” John Lohr, the province’s housing minister, told the minister told reporters Monday.
According to the report’s key findings: Supply fell short of demand by 27,300 units; the current pace of construction cannot fill the supply-demand gap; a balance of studio/one-, two- and three-plus-bedroom suites will be needed and many communities lack affordable options.
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.