Fredericton shatters records for new development but questions linger about affordability
says the first half of the year has broken previous records for permitted construction, reaching $134.6 million.
Coun. Jason LeJeune, who is chair of the economic vitality committee, says the new units are needed to keep up with population growth and relieve pressure on the existing“The first half of 2022 has been record-breaking when it comes to the total value of construction, the highest value of residential construction, and the largest number of multiple-unit starts,” he said in a press release.
According to the national definition, an affordable rent is no more than 30 per cent of a person’s gross income. As of October 2021, the average rent in Fredericton for a one-bedroom apartment is about $950, according to the Canada Mortgage and Housing Corp.Hayes said there could be more responsibility and onus on municipal governments to act on non-profit housing and affordable units.
He said he knows that there is a hesitancy to force developers to do this in fear they might take the business elsewhere, but he believes that isn’t the reality, and said forcing them might be the only way.“They’re going to build as much as they can, as quickly as possible, so if you want them to build affordable units, you’re going to have to force them to do so,” Hayes said.
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