New Brunswick Tribune

Tuesday, September 27, 2022

High demand results in a boom in Saint John housing construction

Housing construction in Saint John is booming due to increasing demand.

Key Takeaways:

  • It’s difficult to walk very far in Saint John, New Brunswick, without coming across an almost complete housing development or just getting started.

In Saint John, New Brunswick, it’s difficult to walk very far without running into a housing complex that is either nearly finished or just getting begun.

Developers in Port City have increased building to keep up with demand despite a housing crisis impacting a large portion of the country.

“Record highs in terms of starts are being seen this year, more than doubling any previous activity. According to Jeffrey Cyr, Envision Saint John’s director of growth, most of our units are still in the planning stages.

According to data that the agency recently made public, the area saw 318 houses starting from January to June this year. It more than doubles the 159 collected in 2019 and is a big increase from the 177 recorded over the same period in 2021.

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The new construction of either a single-owned or inhabited unit, as well as a multi-unit apartment building, is referred to as a “housing start,” in Cyr’s opinion.

Construction has stalled, and the housing supply problems have worsened in recent years due to a combination of supply chain problems and activities 3Qbeing stopped because of COVID-19.

The Saint John Real Estate Board’s most recent figures showed that inventory remained scarce. The board reported that during June, active listings fell to a level not seen in more than 20 years in a mid-July news release.

In the region, 566 active home listings were on the market, down approximately 27% from the same time in 2021.

Board president Kevin Donovan stated in the announcement that “the amount of newly listed properties last month was already in line with what we would expect in a typical June, helping to maintain overall inventory constantly.”

Housing construction in Saint John is booming due to increasing demand.
Housing construction in Saint John is booming due to increasing demand. Image from CBC News

There has certainly never been a time when the demand has been this high. Cyr said that the industry has also been facing unprecedented challenges.

Thus, from this perspective, “you know, we’re seeing these strong statistics in the midst, you know, projects becoming more problematic because of supply chain concerns and price issues.”

Increased levels of new construction coincide with immigration-related population growth in the area. Although detailed information on immigration usually lags behind numbers on home starts, Cyr expressed optimism that it will continue to rise.

According to Cyr, “the sources of increase appear to indicate a major shift in terms of migratory patterns in Canada.”

“We only anticipate an increase in immigration. Over time, we’ll observe a better quality of life in our developer and builder communities.

Source: Global News

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