US EditionNova Scotia Must Double Housing Starts to Restore Pre-COVID Affordability: Report
NOVA SCOTIA, CANADA, JUL 22 – Nova Scotia must increase annual housing starts from about 5,400 to over 12,500 for a decade to restore affordability, says Canada Mortgage and Housing Corporation.
- Nova Scotia must double its annual residential construction starts to reach pre-pandemic affordability levels, according to a report by the Canada Mortgage and Housing Corporation.
- Lukas Jasmin-Tucci states that the province should target 12,540 housing starts a year to meet demand.
- Colton LeBlanc mentioned that achieving this goal requires collaboration from municipalities and the federal government for increased housing development.
- The report indicates that if housing construction increases, home prices could decrease significantly, with estimates suggesting an average price drop from $511,000 to under $406,000 by 2035.
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N.S. housing construction starts must double for next decade to restore affordability: CMHC
According to a recent Canada Mortgage and Housing Corporation report, Nova Scotia needs to double its pace of housing construction starts to restore housing affordability to pre-pandemic levels.
Nova Scotia must double housing starts to restore pre-COVID affordability: report - Canadian Mortgage Trends
Canada’s national housing agency says the number of annual residential construction starts in Nova Scotia must double for 10 years for the market to reach pre-pandemic affordability levels, a target the province says is doable — with multi-level government support.
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