1 In 5 Developers Are Cancelling Projects
The Canadian Home Builders’ Association just reported that 2 out of 3 developers are building fewer units and 1 out of 5 have fully cancelled projects this year. High construction costs, and rising interest rates are cited as the main reasons. When 67% of home builders are building fewer units, who is going to build the additional 3,500,000 homes needed to ensure housing affordability in Canada?
It's just not going to happen. A reckoning is coming and long-term, I don't see a scenario where house prices stay down.
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