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

Georgetown Clean Tech Park 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

Related Articles


Latest Articles

  • Guide to the Canadian Electrical Code, Part 1[i], 26th Edition – A Road Map: Section 28 – Motors and Generators

    Guide to the Canadian Electrical Code, Part 1[i], 26th Edition – A Road Map: Section 28 – Motors and Generators

    Rule 28-000 – Scope states that Section 28is a supplementary or amendatory section of the code and provides additional and specific requirements for the installation, wiring methods, conductors, protection, and control of all motors and generators. Read More…

  • Statement by ECAO Executive Director, Graeme Aitken on Tariffs

    Statement by ECAO Executive Director, Graeme Aitken on Tariffs

    February 7, 2025 ECAO posted the following statement from Executive Director, Graeme Aitken on their website regarding potential U.S. Tariffs: For almost 80 years, the Electrical Contractors’ Association of Ontario (ECAO) has served and represented the interests of Ontario’s industry-leading, unionized electrical contractors. Over those many decades, ECAO has stepped up during times of challenge… Read More…

  • Rigid PVC Conduit vs. ENT in High-Rise and Multi-Use Applications

    Rigid PVC Conduit vs. ENT in High-Rise and Multi-Use Applications

    February 7, 2025 By Phil Crangi Choosing the right high-rise construction conduit can significantly impact project efficiency and costs. While rigid PVC (Polyvinyl Chloride) conduit may have a lower upfront cost, ENT (Electrical Nonmetallic Tubing) offers more significant advantages due to its long-term labor savings and installation efficiency. ENT and fittings form an integrated system… Read More…

  • EFC Tariff Response: Advocating for Free Trade

    EFC Tariff Response: Advocating for Free Trade

    February 7, 2025 STATEMENT FROM CAROL MCGLOGAN, PRESIDENT & CEO, ELECTRO-FEDERATION CANADA ON U.S. TARIFFS Electro-Federation Canada (EFC), representing Canada’s electrical and automation industry, strongly opposes the recent tariffs announced (an subsequently delayed) by President Trump on Canadian imports. These tariffs threaten to disrupt North American supply chains, increase costs for businesses and consumers, and… Read More…


Changing Scene