Construction Boom & Gloom

🫣 Halifax Is Building Like Crazy

• Halifax started nearly 4,700 new homes in 2023 and 2024, doubling historical averages — yet affordability worsened.

• The city now faces a housing shortfall of 17,500 units, projected to reach 31,000 by 2027.

• From 2019 to 2022, home prices jumped 67% in Halifax — a far sharper climb than the 12% seen in the three years prior.

• Rental prices soared 26% from 2019 to 2022, compounding the affordability crisis.

• Property taxes, permit fees, and land costs have exploded — land alone now costs up to $200,000 per lot, up from $60,000 five years ago.

Why This Matters: Supply surges alone won’t solve affordability unless targeted explicitly at the lower end of the market. Labour shortages and the high cost of materials continue to push per-unit construction costs to $600K+ — well above market affordability.

❓ Why Does Alberta Stay Affordable?

• Alberta now makes up 25% of all housing starts in Canada, even though it only holds 12% of the population. That's double its weight.
  

• Homes are still affordable.

  • Average Edmonton home: $397,400

  • Mortgage qualification requires $91,000 income

  • Median Edmonton household income: $142,000
    → Buyers can still afford detached homes, even on a single income.
    

• Compare that to Toronto

  • Home price: $1M+

  • Income needed: $232,000

  • Median income: $136,000
    → Massive gap. Most buyers are priced out without family help.
    

• Lower development fees, zero land transfer taxes, faster permits, and pro-housing policies allow Alberta to build while others stall.

🚨Builders Sound Alarm on Labour Gap