If interest rates inch down, it could lead to a new round of growth locally, says Chatham-Kent mayor Darrin Canniff.
Canniff gave an update on Chatham-Kent’s housing boom, investments in the community, and strong economic outlook, during the Wallaceburg and District Chamber of Commerce’s Breakfast with the Mayor event, held Wednesday morning at the Jeanne Gordon Theatre at the Wallaceburg and District Museum.
He says Chatham-Kent has experienced unprecedented population and business growth over the last few years. However, interest rates are proving to be a consistent hurdle.
Canniff said he sees the impact interest rates have in new home growth, investment, and manufacturing.
“I fully expect when the interest rates start to come down, the Chatham-Kent economy will heat up more because there will be more investment,” Canniff said
Canniff pointed out that U-Haul Canada, based on their stats, has called Chatham-Kent the fastest-growing community in Ontario over the past two years. He also said 300 businesses opened up in Chatham-Kent in 2023.
“People want to be here,” Canniff said.
