are opting for apartments rather than single-family units, according to the Canada Mortgage and Housing Corporation.
Figures show that 70 per cent of construction in the city this year has been apartments, moving further away from a traditional 60:40 split in favour of houses.
Paul Pettipas of the Nova Scotia Builders Association told CBC that “Halifax
is becoming a city of apartments.”
He says that many builders are turning to renovations as work on detached homes dries up. There is evidence that millennials are choosing to rent homes rather than buy to give them more flexibility.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Deep Bay, Hudson Hope, Oxbow, Irricana, Northeastern Manitoulin and the Islands