The Globe and Mail reports in its Saturday, Sept. 12, edition that stainless steel sinks, plywood and other U.S. home-building products will face tariffs up to 50 per cent, increasing construction costs amid years of rising expenses in the building industry.
The Globe's Rachelle Younglai writes that Canadian Home Builders' Association chief executive officer Frank Lohmann says: "Canada simply cannot afford to put more obstacles in the way of home building. Adding further costs and uncertainty to the construction process will only delay or cancel new housing projects."
Today, residential building costs across large Canadian metropolitan areas are 73 per cent higher than in 2019.
Plazacrop chief operating officer Scott McLellan says the countertariffs will not only increase costs but also delay project launches.
Like Plazacorp, major British Columbia housing developer Wesgroup said it is still trying to figure out how the tariffs would affect its business.
It said, "Part of the issue is the situation is so volatile and it's difficult to forecast any outcome." Wesgroup is looking at alternative suppliers, but swapping products is not that simple.
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