Builders, planners scramble for efficient solutions to impending vacancy rate drop
New rental units in Nova Scotia’s capital are hitting the market at their fastest pace in a decade – but it won’t be enough to meet the demand from the city’s rapidly growing population., the vacancy rate in Halifax’s rental market is expected to remain near the record lows hit early in the COVID-19 pandemic. After the rate narrowed to 1 per cent in 2021 and 2022, CMHC forecasts a modest improvement to 1.
and across the province is constrained for a myriad of reasons, including high costs and a work force reduced by the COVID-19 pandemic.“The last time we would have seen this would have been, frankly, after the Great Depression and the Second World War.” At the same time, CMHC reported a slowdown of new project launches, which will curb growth of new supply.Network – which researches rental supply and prices in Canada’s major cities – said the supply issue in Halifax is “concerning,” because the city may not keep up with its projected growth in coming years.
Mr. Danison said inflation and rising interest rates are having an impact on Halifax’s crowded rental market as well. Inflation has had widespread effects, including higher construction costs, that threaten to slow the completion of new units.
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