Ontario Premier Doug Ford said he thought lower interest rates would mean houses start 'popping up like mushrooms' across the province.
Ontario housing minister Paul Calandra expressed confidence that the Bank of Canada ’s interest rate cut on Wednesday will help spur housing development as the province struggles to realize its goal of constructing 1.5 million homes by 2031.had finally been cut after the country’s central bank shaved 0.25 per cent off its interest rate.
Calandra said he felt that lower interest rates would “absolutely get some back in” who had held off building while rates were at the higher rate of five per cent.Story continues below advertisement “I believe that when you lower the interest rate, homes will pop up like mushrooms all over the place,” he told reporters.
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