Trump’s tariffs spook Ontario’s residential construction sector
You can add the Ontario Home Builders’ Association to the list of industry groups raising the alarm over U.S. President Donald Trump’s planned tariffs on steel and aluminum.
The association issued a news release this week indicating its concern the tariffs would stunt already anemic housing starts while further harming near record-low levels of affordability.
“We’re at a turning point, not only for the Canadian economy, but specifically for the housing sector in Ontario,” said Scott Andison, the CEO of OHBA, in a media release. “The potential impact of an economic slowdown, job loss, and decreased investment in residential real estate, could be a brutal blow to the housing sector and therefore to housing affordability for Ontarians.”
The association lists the key tariff risks as follows:
Recession risk impacting investment in housing and housing starts
The risk of increased construction costs due to increased construction material costs impacting affordability
And the currency risk further exacerbating the above effects
In Windsor, where a recent Canadian Chamber of Commerce report ranked the Rose City third for tariff exposure, homebuilders share those concerns — seeing little, if any, silver lining for the sector.
“When it comes to housing, I don’t foresee any,” said Brent Klundert, who heads the Windsor-Essex Home Builders’ Association. “It’s just another hit on affordability and we’re just — our industry can’t take any more hits on affordability. It’s kind of a big deal.”…
Read the full article here
