P.E.I. housing starts up 46% over same period last year
'We're seeing the strongest growth we have seen for a long time'
The home-building industry on P.E.I. appears to be rebounding, according to new numbers released by the Canada Mortgage and Housing Corporation (CMHC) Tuesday.
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Housing starts in Charlottetown and Summerside, P.E.I., in the first six months of 2017 are up 46 per cent over the same period last year.
The increase means 80 more houses were being built during that time period.
That's a big change from the last few years, when the number of new builds was on the decline said CMHC market analyst Serena Teakles.
The increase can be attributed to a new wave of immigrants to the Island adding to the growing population, she said.
"We're seeing the strongest growth we have seen for a long time, and because that population growth has already depleted a lot of the rental and resale homes that are available to them, the demand is now spilling into the new home construction market," Teakles said.
There have been more home starts in Charlottetown this year than in the first six months of 2012, the year before the HST was brought in and made building more expensive, Teakles pointed out.
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With files from Steve Bruce