Homebuilding costs to jump as trade war begins, says Residential Construction Council of Ontario

By Candyd Mendoza
Canadian Mortgage Professional Magazine
February 3, 2025
Category: Finance & Economics
Region: Canada, Canada East

New tariffs imposed by Trump on Canadian imports could have a devastating impact on the homebuilding industry in both Canada and the United States, the  (RESCON) said. …The US has announced a 25% tariff on all imports from Canada and Mexico, a move that experts say will drive up prices for critical building materials like lumber, steel, aluminium, and gypsum used for drywall. These essential materials are widely used in home construction, and any increase in their costs will likely be passed down to buyers already facing affordability challenges. …Canadian homebuilders rely heavily on US materials, just as American developers depend on Canadian lumber and metals. Canada supplies over 85% of US imported lumber and is the largest foreign supplier of steel and aluminium to the US market.

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