More houses going up faster

New home construction in Summerside at highest level since 2005

There are more new housing projects on the Island are they are being built faster than in 2015. “In Summerside new home construction activity in the first half of the year was at its highest level since 2005,” said Sarena Teakeles, a market analyst with Canada Mortgage and Housing Corporation. She added, “Strong year-todate activity in the multiple segment of the housing market which includes semi-detached, townhouse and apartment units have been the primary driver.” P.E.I.’s Finance Minister Allen Roach said rebound in housing construction that began in mid-2015 has continued into the first half of 2016 at an even faster pace. “Combined with the highest business confidence in Canada, ever increasing retail sales and motor vehicle purchases, and stable bond ratings from outside credit agencies, this shows that the economy is strong on Prince Edward Island,” Roach said.

On P.E.I., housing starts increased 16.7 per cent in the first six months of 2016 compared to the same period in 2015. Teakeles said there have been sizeable increases this year in the number of housing units being built across the Island compared to 2015.

“That being said, this year’s growth represents a return to housing starts levels that more closely resemble those from 2014.” In 2014 there were 225 housing starts over the first six months of the year.

In addition, across the province, the value of residential building permits issued so far in 2016 is 28.9 per cent higher than the first half of last year. These gains build on the 9.2 per cent annual increases in new housing construction in 2015.