February 10, 2023 – CBC PEI: The Construction Association of PEI says the provincial housing minister’s goal for the Island’s vacancy rate to go from less than one per cent to four per cent within two years won’t be achievable without the addition of more skilled tradespeople.
The Island’s apartment vacancy rate dropped to 0.8 per cent in October 2022, according to Canada Mortgage and Housing Corporation. Last week, P.E.I. Housing Minister Matthew MacKay said he’s confident that thanks to new initiatives the province is planning, the addition of more housing units will push that rate to four per cent within two years.
The province has offered developers loans with a two-per-cent interest rate, and is working to create hundreds of new apartments using modular buildings that can be put together quickly.
But a major voice in the local construction industry says those programs alone aren’t enough.
Read the full CBC PEI story by Clare MacKenzie here