The BC Energy Step Code represents a critical shift in the way we approach construction, setting a roadmap for building practices where energy efficiency becomes the top priority. The recent refresh of the BC Energy Step Code (BCESC) and the introduction of the Zero Carbon Step Code are more than just updates to the existing building code. They are part of an overarching strategy to shape a future where all new buildings are zero carbon by 2030.
Those working in the construction industry need to manage the effects that a rising prime interest rate will have on their business. In fact, the entire housing market and Canadian economy at large will see ripple effects from the impacts on the construction industry.
So, how exactly does the hike in interest rates affect construction? Below, we discuss the effects on various levels within the industry and what you can do to mitigate rising costs.