News Summary

Canadian homebuilders are expressing concern over U.S. President Donald Trump’s decision to impose a 25% tariff on Canadian steel and aluminum imports starting March 12. The Ontario Home Builders’ Association cautions that these tariffs could significantly raise construction costs, further exacerbating the housing affordability crisis. The increase in construction material costs, compounded by existing high interest rates and inflation, may lead to decreased investment in the residential real estate market. Scott Andison, CEO of the association, highlighted the potential chaos these tariffs could introduce into the development market. The Canadian Chamber of Commerce has also criticized the tariffs, emphasizing the uncertainty they introduce. With Canada’s steel and aluminum exports to the U.S. valued at $35 billion annually, potential retaliatory tariffs could further impact domestic housing costs.