Province Provides $75M to Accelerate Construction of Close to 400 New Housing Units Across PEI

January 8, 2024

Due to the volume of applications during the second intake of the Housing Challenge Fund, the Province increased the original budget of $50 million to a $75 million commitment to help accelerate housing starts. Twenty developers will access the preferential ten year two per cent interest rate over 10 years to fast track the construction of 280 units in the urban areas of Charlottetown, Cornwall, Stratford, and Summerside, as well as 113 units in rural areas, for a total of 393 new units.  

The latest recipients of the Housing Challenge Fund include:

• 103150 PEI Inc. – Cornwall (24 units)
• 11010905 Canada Ltd – Charlottetown (7 units)
• 7711557 Canada Inc. – Stratford (10 units)
• 813189008 Inc. – Montague (8 units)
• Anchored Construction – Montague (24 units)
• Bevan Enterprises Inc – Charlottetown (41 units)
• BMD Construction – Summerside (24 units)
• Build with Vision Ltd. – Charlottetown (36 units)
• Cameron Apartments – Summerside (29 units)
• Core Ventures Inc. – Summerside (6 units)
• Cousin Estate Inc. – Wellington (12 units)
• Empire Developments Inc. – Charlottetown (67 units)
• Greensview4 LP – Stratford (14 units)
• Heartwood Properties – Souris (8 units)
• McInnis Group (1993) Ltd. – Miscouche (10 units)
• Newco Inc. – Charlottetown (16 units)
• Northern Capital Developments – Cornwall (6 units)
• Riley and Sons Construction – Belfast (6 units)
• TJ Construction – Borden (11 units)
• TK Developments Inc. – Morell (16 units)
• Winston Cousins – Kensington (18 units)

“We need solutions that promote and support new housing development in our communities. If we are going to tackle the issue of housing availability and meet the current and future demand for housing, we have to create an environment for development and remove or reduce the barriers that hinder housing supply. These projects will help us work towards our goal of improving the Island’s vacancy rate.”

– Housing, Land and Communities Minister Rob Lantz

Since launching the Housing Challenge Fund in 2022, the Province has invested a total of $122.7 million to accelerate the construction of 613 new units and 45 subdivisions across Island communities. The next intake for the Housing Challenge Fund is expected next year.

“Strong partnerships with the private sector, backed by these important investments, are what will help us build more housing stock across our province. We know we need to move quickly to meet the infrastructure needs of our growing province, and this fund is one of the ways we are going to fast-track us to reaching those goals,” added Hon. Gilles Arsenault, Minister of Economic Development, Innovation and Trade.

Source