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PEI·BY THE NUMBERS

Where P.E.I.'s Housing Challenge homes are going, and how many there will be

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.

2023’s challenge is creating 266 housing units

Kevin Yarr · CBC News ·
An apartment complex under construction
The province anticipates most projects will be done within a year to take advantage of a 12-month, interest-only payment plan. (Laura Meader/CBC)

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.

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.

ABOUT THE AUTHOR

Kevin Yarr

Web journalist

Kevin Yarr is the early morning web journalist at CBC P.E.I. Kevin has a specialty in data journalism, and how statistics relate to the changing lives of Islanders. He has a BSc and a BA from Dalhousie University, and studied journalism at Holland College in Charlottetown. You can reach him at kevin.yarr@cbc.ca.

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