In PEI, a housing crisis unlike any other in Canada

In PEI, the transition was especially swift and severe. The apartment vacancy rate plunged from a lofty 7.1 per cent in 2013 to 0.3 per cent in 2018. For three-bedroom units, nothing was available.

“Are we moving in the right direction? Absolutely,” said Ernie Hudson, Minister of Social Development and Housing. “Are we at the point that we want to be at? No, there is more work to do.” Meanwhile, rental construction was anemic. Between 2000 and 2017, an average of 151 rental units were completed per year, with considerably more emphasis on building single, detached homes. That’s hardly surprising, given that modest home prices made ownership a realistic option for many residents.

With ownership more expensive, renters snapped up available units, and price hikes often outpace wage gains. While the average monthly rent was $900 last year – the province has rent-control rules that cap annual increases for occupied units – new listings can easily command double that amount, putting a strain on finances.

Further, the government started a program in October that offers forgivable loans of $45,000 for every unit of affordable housing that gets built, subject to approval. To date, one development has been announced, for six units in Summerside.

Globe and mail has never heard of toronto or vancouver apparently.

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