U.S. steel, aluminum tariffs impact Maritime construction, real estate industries
People in the Maritime construction and real estate sectors are starting to see the impact of United States President Donald Trump's tariffs on steel and aluminum.
'It's the counter tariffs that are really going to have an impact on Canadian builders and constructors so we are not 100 per cent sure what that's going to look like just yet, but it certainly will have an impact and it will be felt pretty quickly,' says Duncan Williams, Construction Association of Nova Scotia CEO. 'Unfortunately it's going to drive the cost up, we don't know by how much and we don't know how quickly.'
Trump has placed a 50 per cent tariff on Canadian steel and aluminum products, and lumber isn't far behind.
'We are already seeing an impact in terms of slowing projects down, and also seeing some projects just simply shelved, it's definitely having an impact on what comes online. We're hoping it's short term and short pain,' says Williams. 'A lot of companies, where they have capacity, were stockpiling what they could and pre-ordering and trying to lock prices in but even that is very difficult.'
Williams says the tariffs are impacting the construction sector in terms of costs, availability and production capacity.
'We are certainly seeing a lot more caution in terms of investment. We are seeing sharper estimating, budgeting and forecasting, especially now with the prices already being higher, this is just one more nail that we don't need,' adds Williams.
Realtor Rion Powell says he's noticed his clients second guessing the market right now.
'A lot of noise, a lot of uncertainty and so for the people that are waiting on the sidelines to see how this all plays out, there is an opportunity right now to get a good quality home at a fair price,' says Powell.
Powell feels sometimes the best time to jump into the market is when there is uncertainty.
'You think about COVID, which was so long ago but that was the talk about the real estate market, too,' says Powell. 'The market exploded here in Halifax and in the rest of Canada. Prices soared and everyone was kicking themselves saying, 'Jeez, I should have bought in 2021, 2022 in the midst of a global pandemic.'
'When there are less buyers in the marketplace, that means there is more opportunity for buyers. When there are more buyers in the marketplace, that means it's a better opportunity for sellers. This is really the beginning of what we are going to start to see. The impact on this over the next three to six months and I'm not sure how this is going to play out.'
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