Housing minister says building homes is vital 'regardless' of interest rates

As the Canadian housing market braces for possible interest rate cuts this year, Housing Minister Sean Fraser says the mission remains the same, to build as many homes as possible, as fast as possible.

In a press conference Tuesday with Minister of Finance Chrystia Freeland, Fraser spoke about the impact interest rates have on restricting housing supply. He explained that based on conversations he has had with developers, a cut in interest rates would spur developers to “start those projects that are marginal today.” 

“Regardless of whether interest rates remain where they are, or come down a whole point or half a point or whatever may happen, the course of action remains the same because we know we need to build millions of homes,” Fraser said.

He added that the interest rate environment “doesn’t change the mission.”