Posted: May 06, 2021 7:15 AM AT | Last Updated: May 6
Fredericton developer Jack Youssef says he s had to put building projects on hold because of the skyrocketing cost of materials.(Shane Fowler/CBC)
The cost of building material has skyrocketed to the point where some Fredericton-area contractors are now putting construction projects such as houses and apartment buildings on hold.
Others have started buildings but can t afford to finish them.
Jack Youssef, who owns the property development company Javo Properties, said he s had to walk away from a project on Fredericton s north side indefinitely. We got the foundation in, said Youssef. We were all ready, prepped and ready to go. We had our anchor tenant with our letter-of-intent signed. Our pricing was all locked in.