168 Dundonald Street – 35 unit apartment building, with a ground floor commercial

Fredericton records $94.5 million in development in 2016

The City of Fredericton recorded a total value of $94.5 million in development in 2016; an increase of $17 million over 2015.

Residential construction was up $5.2 million over 2015 for a total of $48 million.  Single detached dwelling starts were just slightly less than in 2015 – 61 versus 68 starts.  Multiple unit starts in the City were up significantly from 2016, coming in at 216 units versus 145 unit starts in 2015.

The value for commercial construction in Fredericton was $30 million, up $13 million over 2015 and performing better than any time since 2010.  Government construction for 2016 came in at $7.9 million, with institutional construction coming in almost the same at $6.8 million.  This compares to the overall number of $16.8 million in these sectors from 2015.

“2016 was a relatively good year for development in Fredericton,” said Coun. John MacDermid, chair of the City’s Development Committee.  “While development is occurring at a relatively steady pace year-over-year, these numbers reflect a continued confidence in our community.”

For 2016, 78% of the unit starts in Fredericton were multiple, while 22% were single.  This approaches numbers comparable to 2014, and supports an overall trend of constructing a higher proportion of multiple units in the city.

While construction is happening in all areas of the city, the majority in 2016 occurred on the south side – 212 units versus 82 units on the north side.

In the regional context, Fredericton received 61% of the total housing market.

The average permit value for new home construction in Fredericton was $217,655 in 2016, down just slightly from $224,356 in 2015.  The average MLS resale price for a house in Fredericton in 2016 was $189,000, up from $175,850 in 2015.

Major projects for 2016 included:

  • 168 Dundonald Street – 35 unit apartment building, with a ground floor commercial
  • McLeod Avenue – Row houses
  • 150 Lian Street – 48 unit apartment building
  • 5 & 15 Cuffman Street – 16 and 20 unit apartment building
  • 21 Trinity Avenue – Princess Auto commercial building
  • 1201 Hanwell Road – New Ultramar gas station
  • 1381 Regent Street (Regent Mall) – New Lawtons Drugmart and medical centre
  • 620 Queen Street – Phase 1, Hilton Garden Inn
  • 580 Two Nations Crossing – New commercial building
  • 703 Queen Street – Beaverbrook Art Gallery renovations