Low-priced Moncton hosts condo build
June 4, 2021
Downtown Moncton. | City of Moncton
Moncton, New Brunswick, has among the lowest-priced homes in Canada at an average composite value of $251,000 compared to a national average of $695,000, according to the Canadian Real Estate Association.
The city captured a lot of newcomers during the pandemic, and this has helped spur the first large residential project in its downtown in years.
Three 12-storey towers are proposed over a three-storey podium of ground floor commercial space and more than 430 underground parking spaces.
Sackville, New Brunswick-based developer John Lafford proposed the development.
Construction is planned over three phases, with about 450 housing units once fully built.
A building permit is still required before construction can begin, but there are positive signs. First, there were no public protests against the project, which is common in many Canadian communities. Second, according to local news reports, a construction crane is already on site.
New Brunswick is seeing a revival in housing starts with a total of 3,483 units in 2020—the highest level in nine years.