Demand up for apartment construction
SLOW ECONOMIC growth and flat wages are driving multiple housing starts in Halifax, says Matthew Gilmore, senior regional market analyst with Canada Mortgage and Housing Corp.
"Wages aren`t keeping up with inflation," he said in an interview Monday. "It doesn`t lend itself to home ownership."
According to preliminary data released Monday by CMHC, multiple housing starts in Halifax last month were more than double what they were in June 2010.
"It`s almost exclusively in rental apartments," said Gilmore. "We`re seeing well above average apartment construction."
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