New-home market takes a hit in P.E.I.
Cornwall suffers most
CBC News
Posted: Dec 2, 2011 8:07 AM AT
Last Updated: Dec 2, 2011 2:37 PM AT
P.E.I.'s new-home market is taking a bit of a hit, with residential development down in all but one of the four largest communities.
Building permit information obtained by CBC News shows Cornwall suffered the most.
When looking at residential building permits to the end of October, the bedroom community is down 25 per cent compared to the same period last year. Commercial construction is also down.
Admittedly, last year was a banner year for Cornwall.
But even in Stratford, residential building permits are down seven per cent, or $1.7 million.
What saved Stratford is its commercial development — up a staggering 200 per cent, or $2.2 million.
"In 2011, I think we had some major projects take place in the town, such as the PetroCan, which was a fairly major commercial development. That had a big impact on the figures," said Stratford Mayor David Dunphy.
While residential development is down five per cent in Charlottetown, the capital city is seeing a spike in commercial projects, up $16.7-million compared to last year.
"You know, people who are in the investment business, sometimes you hear them say that a downturn is a good time to invest. So maybe that's got something to do with it," said Rob Lantz, chair of the city's planning committee.
In Summerside there is $2.5-million surge in residential development and commercial development is also doing well, on par with last year.
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