Higher interest rates forcing building projects into receivership
Shantaé Campbell of The Financial Post reports that a growing number of residential building projects have been forced into receivership in the last year due to higher interest rates and rising costs of construction. Industry experts say the situation could get even worse – at a time when Canada struggles with an acute housing shortage. Some blame the receivership trend on the Bank of Canada for signalling to the public that interest rates would remain stable during the pandemic, then increasing the prime lending rate.
