Housing construction in Saint John is booming with high demand – New Brunswick

From one street corner to the next, it’s difficult to walk far in Saint John, NB without encountering a housing development that is either nearing completion or has just begun.

Amid a housing crisis affecting much of the country, developers in the port city have ramped up construction to meet demand.

“In terms of the number of launches, we are seeing record highs, doubling any type of activity lately this year. We have a lot of units really in the planning stages,” said Jeffrey Cyr, Envision Saint John’s director of growth.

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Figures recently released by the organization show that the region saw 318 housing starts from January to June this year. This is a significant jump compared to the 177 in the same period in 2021 and doubles the 159 in 2019.

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According to Cyr, residential construction typically refers to the construction of a new owner-occupied or occupied unit, as well as a multi-family dwelling.

In recent years, a combination of business disruptions due to COVID-19 and supply chain issues slowed construction and exacerbated housing supply challenges.

The latest statistics released by the Saint John Real Estate Board showed that stock remained limited. In a press release in mid-July, the board announced that active listings in June hit a low not seen in over two decades.

The number of active housing offers in the market for the region reached 566, down almost 27 percent compared to the same period in 2021.

“The number of new properties listed last month was in line with what we would expect in a typical June, which helped keep the overall inventory stable,” Chief Executive Officer Kevin Donovan said in the release.

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“It’s certainly a time when we’ve seen demand like we’ve never seen before. We’ve also seen that it has been accompanied by challenges in the industry that are truly unprecedented,” said Cyr.

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“So, you know, from that standpoint…we’re seeing these strong numbers amid projects that are more complicated because of supply chain issues and pricing issues.”

Increased new construction is coming as the region experiences an influx of population caused by immigration. Cyr said while specific immigration data usually lags behind housing starts statistics, he is optimistic they remain on an upward trend.

“The sources of the growth appear to be a real shift in Canada’s migration patterns,” Cyr said.

“We only expect an increase in immigration. What we will see over time is that our developer and builder communities are getting healthier.”

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https://globalnews.ca/news/9048339/saint-john-housing-construction-booms-high-demand/ Housing construction in Saint John is booming with high demand – New Brunswick


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