Residential Real Estate

Unama’ki – Cape Breton is in the midst of a housing boom and a simultaneous housing crisis, with a shortage of housing units for rent and for purchase to house the growing population Island-wide. Housing on the Island is now increasing in value and price after a long period of decline, a result of numerous factors driving migration to Unama’ki – Cape Breton in the past five years.

Competitive Advantage

Affordability

When compared to other Canadian cities and urban centres across Nova Scotia, Unama’ki – Cape Breton offers affordable land prices which appeals to developers and homebuyers. Cape Breton Island has a low percentage of sub-5-storey apartment buildings, and a higher percentage of detached homes compared to the national average. Opportunity exists to invest in apartments and/or to build affordable housing, either from new or by refurbishing existing structures.

Rental properties are also an area of opportunity, with an underserved market of apartment complexes and rental townhouses targeting younger residents, students, seniors, and transient workers.

Student Housing

Unama’ki – Cape Breton has seen a major recent increase in the number of students, particularly international students, who are coming to study at Unama’ki – Cape Breton’s three post-secondary institutions: Cape Breton University (CBU), NSCC Sydney Waterfront Campus, and NSCC Strait Area Campus in the Town of Port Hawkesbury. The arrival of these students has created some unique housing development opportunities which can be approached in a few different ways:

• Student residence buildings – these can be built in partnership with CBU in particular, to offer convenient accommodations with shared rooms, single occupancy rooms, and suites. A complex of residence buildings would include dining services, laundry, and other student-focused amenities.
• Shared apartments and co-living spaces – these could also be built close to CBU, and offer affordable, quality rental options for students looking to live off-campus but still close to their classes and other campus amenities.
• Short-term rentals – an increase in short-term rental options would benefit students at all three institutions, as well as the growing tourism market in the Cape Breton Regional Municipality (CBRM) and the Strait Area. These could be used when students are newly arrived in the community and are looking for more permanent housing.
• Studio or 1-Bedroom apartments – these options could be located across the CBRM or the Strait Area, and would target post-graduates, students with families, or more mature students who are looking for increased privacy over on-campus options. Fully-furnished apartments would be attractive to some international students to make moving to Unama’ki – Cape Breton easier.

Seniors Housing

With an increasing aging population, demand is growing for retirement communities, assisted living facilities, and age-friendly housing. There are significant opportunities to build and operate publicly- and privately- operated long-term care properties, specifically in the Town of Port Hawkesbury and the CBRM.

Housing Repair and Renovations

With many older homes across the Island (37% of dwellings across Unama’ki – Cape Breton were built before 1960), a large market exists for repairs and renovations. Businesses that specialize in home revitalization, renovations, community amenity building, and green energy retrofits have major opportunities here.

New Construction

With a shortage of housing units relative to demand, and a market increasing in value but still relatively affordable when compared to the national average, opportunity exists to invest in new construction to meet current and growing demand. This is also true of tourism-focused housing, where there is a shortage of vacation homes, cabins, and short-term rental housing across Unama’ki – Cape Breton, especially in popular tourist areas in Victoria County and Inverness County.

Investment Opportunities – Housing Development

Vacant Land

There is a great deal of underused or vacant land which could be used for future development of some of the opportunities mentioned elsewhere on this page. In particular, the CBRM has surplus property available for sale which is already

zoned for various residential uses and ready for development – see link in the Web Resources section.

Historic Properties

There are many historic buildings and places across Unama’ki – Cape Breton, with opportunities to redevelop or repurpose

these buildings into boutique hotels, bed and breakfasts, or unique residential accommodation for a growing higher-end marketplace.

Waterfront Properties

Unama’ki – Cape Breton offers great opportunities to invest in world-class waterfront developments, including resorts, residential areas, and commercial spaces. High returns on these investments are possible if developed and marketed appropriately.

Key Resources

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For More Information

Need more information, assistance, or support?  The Cape Breton Partnership works on behalf of all Municipalities and First Nations in Cape Breton – Unama’ki and can connect you to the tools or information you need. Contact us today or explore our database of business supports at www.EntrepreneurCB.com.

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Last Modified: August 29, 2024