High interest rates are slowing homebuilding, but the worst is yet to come
As the Bank of Canada’s interest rates rose substantially through 2022 and early 2023, many homebuyers were priced out of the market and home values retrenched from their pandemic-era highs.CMHC said in its report that this has made developers “more cautious” about building new projects. At the same time, those higher interest rates are driving up costs for builders, the Crown corporation noted.
Across the first quarter of this year, total starts were at their lowest level since the early pandemic in 2020, according to BMO senior economist Robert Kavcic.
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