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Pandemic Exacerbates Affordable Housing Crisis

By Tamara Steele Oct 7, 2022 | 11:54 AM

Jeremy Noble / CC

The pandemic has brought an influx of new people to New Brunswick, putting a lot of pressure on the province’s real estate market.

Seth Asimakos said it is really good to see more people coming to our province and not leaving.

But the general manager of Kaleidoscope Social Impact said it was not anticipated.

“We have not been building enough right through the continuum. From high end right down to the lowest income kind of housing,” Asimakos said.

Askimakos said we have a real problem with affordable housing in the province.

“As properties are sold for double what they were before COVID, that creates bigger carrying costs on those buildings. Your property taxes are going to go up and your mortgage will go up and where do you get that from your renters,” Asimakos said.

Those in the middle to lower incomes will be really squeezed, he said.

“There’s two things we have to be doing as agencies that work around affordable housing, buy the stuff that’s currently affordable and keep them affordable and let’s build or renovate new,” said Asimakos.


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