House builder warns of “scary” interest rates

Home builder Mattamy has seen its business boom in Canada’s hot market but its president says he is concerned about the outlook if interest rates rise.

Brad Carr told BNN that the worry is that consumers now think of housing in terms of a monthly cost rather than a total cost and if interest rates rise “we could suffer some real pressures as people struggle to afford these houses.”

Carr says that Toronto is saturated with developers and to protect itself Mattamy is expanding to Alberta and into the US to spread out the risk. 

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