Where P.E.I.'s Housing Challenge homes are going, and how many there will be
BY THE NUMBERS | Kevin Yarr | CBC News | Posted: August 29, 2023 5:51 PM | Last Updated: August 29, 2023
2023’s challenge is creating 266 housing units
The P.E.I. government has completed the first round of its Housing Challenge project, a $50-million, low-interest loan program designed to encourage new housing builds.
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The province offered a two per cent loan on housing projects. It approved 13, including 11 for apartments and two subdivisions.
Here, by the numbers, is a look at those projects:
- Apartments created: 221.
- Serviced building lots: 45.
- Percentage of building lots in greater Charlottetown: 0 per cent.
- Percentage of apartments being built in greater Charlottetown: 29 per cent.
- Percentage of population growth that is happening in greater Charlottetown: 45 per cent.
- Average cost per apartment unit: $244,580.06.
- Average percentage covered by loan: 88 per cent.
- Anticipated monthly rent: $995 to $2,350.
- Time to pay off capital cost only at $2,000/month: 10.2 years.
- Percentage of estimated new homes required annually: 7.9 per cent.