That won't come anytime soon, because our vacancy rate is to high, nobody is going to build a big condo project with a 9.7% vacancy rate.
Quote:
The city's vacancy rate of 9.7 per cent is the worst on a list of 35 major centres, surveyed by the Canada Mortgage and Housing Corporation.
The national average is 2.6 per cent.
Moncton is also reporting a high vacancy rate at 6.7 per cent, but for slightly different reasons.
"This year's a little slower than last and last year was slower than the previous year," said landlord Donald Hazen, whose family owns 400 rental units in Saint John.
Saint John's population isn't growing, but Moncton's is, said Claude Gautreau, CMHC spokesman.
Moncton has also seen new construction.
"It's essentially a supply and demand issue. When you look at Moncton, for example, in this case, the vacancy rate went up in 2012, mostly because supply went up a little bit faster than demand," said Gautreau.
"And when you look at Saint John, it's the opposite, where the vacancy rate is up — not so much because you have an increase in supply — but in this case, it's the other extreme where you actually see demand coming down in 2012."
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Projects like that will be on hold for awhile.
Im done with this site.... I came here to read about Saint John, but instead its all about Moncton.. This site is not watched over to well, because if it was people like certain someones would be off this site, instead of the constant S*** disturbing.
The last 5 pages on the saint john thread there are 2 to 4 times per page where we are bashing someone or dealing with some childish talk. This is not a thread about Saint John anymore... it's a thread where we talk about what used to be and then compare ourselfs 20 years ago to cities of today.
End of Rant, done with this site.