Developer plans new apartment buildings in Iqaluit

By NUNATSIAQ NEWS

IQALUIT — Iqaluit’s housing shortage is enticing a new developer into the apartment market.

South Baffin Holdings Ltd. is preparing to build two six-plex rental apartment buildings on speculation on a site across from Joamie School.

Iqaluit-based construction company South Baffin Holdings has built houses in Iqaluit for about three years, but now wants to expand its business, said manager Reg Wynes.

“We’ve been building houses. We figured we’d venture a little further than just houses,” Wynes said.

Wynes plans to build two 7,000-square-foot six-plexes. The three-storey buildings will include four two-bedroom units on the top floor, two two-bedroom units on the second floor and 2,000 square feet of commercial space on the ground level.

“We’re doing this on our own with our own money,” he said.

Wynes said Iqaluit’s current housing shortage makes it a risk worth taking.

“There’s a housing shortage. The government saying there’s $10 million for housing tells me there’s a major housing shortage. Why not take the risk?” he said.

But Wynes said renters shouldn’t expect that the 12 new units he plans to build will drive down Iqaluit’s sky-high rental rates.

“With the cost of land how can you afford to drop prices?” he asked.

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