On a year-over-year basis, housing starts in Prince Edward Island saw a drastic increase last month, according to new data from the Canada Mortgage and Housing Corporation.
The number of new housing construction projects in PEI increased by fully 300% from October 2016 to last month, the CMHC stated in its report. Year-to-date, starts were up by 54% as of last month.
Single-detached homes in the Charlottetown area are proving to be the most popular.
Read more: Over a quarter of young families willing to trade their urban homes for cottages – study
The Crown corporation noted that the dynamism was driven by population growth and immigration, in turn leading to strengthened demand that pushed the construction season further into the fall, CBC News
Recreation property markets influenced by residential
Home ownership far more attainable for young buyers in Atlantic Canada