The replacement of older apartment buildings with a new development with expected higher rents has led to a call for multi-level action on housing affordability.
The city of Fredericton is the location of the new development and Dan Murphy, the executive director of New Brunswick Non-Profit Housing Association says that all levels of government must work together to tackle housing affordability.
"If people don't have affordable housing it really puts them in a bind to be productive members of society or even to deal with health consequences," Murphy told CBC’s Information Morning Fredericton.
He warned that as operating agreements will expire in 2030, exacerbating the situation unless action is taken.
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
More market watch: