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Old Posted Dec 13, 2006, 1:56 PM
billy1 billy1 is offline
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Join Date: Feb 2004
Location: Charlottetown
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Rental construction skyrockets in Charlottetown

Last Updated: Wednesday, December 13, 2006 | 6:19 AM ET
CBC News

There has been a big increase in the number of condominiums, apartments, row houses and duplexes being built in Charlottetown.

The Canadian Mortgage and Housing Corporation says new construction in that sector is up 66 per cent over last year.

"The housing market's doing really well since 2001 to current and actually this is some of the highest levels we've seen since 1988," said Jason Beaton, a market analyst for CMHC.

Beaton credited the rise to low interest rates and people moving into the capital city from around the province and across Canada. He said most of the new units being built are rentals.

With so many new units being built, Beaton said landlords have only been able to raise rents marginally.

Across Canada, housing starts are up 0.9 per cent. Urban starts in British Columbia and Quebec are down significantly, 11.7 and 7.9 per cent respectively, but that was offset by a 3.8 per cent rise in Ontario.
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