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Expect more multi-residential buildings with smaller units, Halifax developer tells homelessness conference

Halifax is Canada’s second-fastest-growing midsize city, but what are the unintended consequences of population and economic growth?

Expect to see more multi-residential buildings and smaller units, said Alex Halef, a developer who heads Banc Investments Ltd. and Inverse Developments Ltd.

“I know you’re seeing smaller units now, but even smaller still,” Halef said during a panel discussion Wednesday at the National Conference on Ending Homelessness.

“The issue is one of affordability. How many people can you put in a building? What is the rent you can charge?”

Rising costs and labour shortages all factor into the equation, he said.

‘Supply is not going to solve the problem’

“All you hear is supply is going to solve the problem,” Halef said. “I live this every day. Supply is not going to solve the problem. Actually, conceivably, if you overflood the market with development … cost will rise.” …[Continue Reading]