Rent versus buy now seen in a new light canada.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from canada.com Daily Mail and Mail on Sunday newspapers.
Claridge Homes chief financial officer Neil Malhotra said higher mortgage rates, rising construction costs due to inflation and a new bylaw that hikes the fees developers pay to the city in lieu of parkland at highrise building sites have combined to make large-scale development projects a risky proposition.
Firms say a number of factors – including soaring inflation, rising interest rates and new city fees – are causing them to re-evaluate plans for major multi-residential towers in Ottawa's core.
Firms say a number of factors – including soaring inflation, rising interest rates and new city fees – are causing them to re-evaluate plans for major multi-residential towers in Ottawa's core.