Canada tariffs could add US$14,000 to the cost of building a U.S. home by 2027, report warns
U.S. President Donald Trump's tariffs could have an unintended side effect: making homeownership even less affordable for many Americans.
A new report from the Canadian Chamber of Commerce estimates that the average cost of building a U.S. home could rise by an additional US$14,000 by the end of 2027 if tariffs on Canadian imports remain in place, even as many experts estimate that America needs millions more affordable homes.
In 2023 alone, Canada accounted for 69 per cent of U.S. lumber imports, 25 per cent of imported iron and steel and 18 per cent of copper imports, all key construction materials, the report said.
In a statement, the White House pushed back on the assertion that tariffs would increase costs for Americans.
'The Administration has consistently maintained that the cost of tariffs will not be borne by American consumers, but by foreign exporters who rely on access to the American economy, the world's biggest and best consumer market,' White House spokesperson Kush Desai said. 'A new CEA (Council of Economic Advisors) analysis proves just that: prices of imported goods have actually fallen this year despite President Trump's historic tariffs.'
Canada is the third-largest source of imports used in U.S. home construction, behind China and Mexico, according to the National Association of Home Builders, a U.S.-based trade group. Though the Canadian Chamber of Commerce report doesn't estimate the impact of duties on imports from China or Mexico, it underscores that Trump's tariff policy, intended to support American industry, may instead worsen housing affordability at a time when home prices hover near record highs and mortgage rates remain stubbornly elevated.
Taking into account tariffs first imposed during Trump's first term, the total added cost from tariffs could reach US$20,000 per home by 2027, the Canadian Chamber of Commerce found.
U.S.-Canada trade tensions
Trade tensions between the U.S. and Canada have lately reached a fever pitch, with some Canadians threatening to boycott US-made goods and others selling their stateside vacation homes.
Trump has announced new tariffs on Canada since taking office in January, including additional tariffs on imported Canadian softwood lumber, a key component used in the framing and remodeling of homes.
Nearly US$13 billion — or roughly 7 per cent — of the estimated US$184 billion of goods that went into new single-family and multifamily construction in 2023 were imported, according to the NAHB.
Lumber made up the majority of those imports at US$8.5 billion, the NAHB said — and 70 per cent of lumber imported specifically for US home construction came from Canada.
Trump has changed the tariff rate he plans to impose on Canadian imports several times since taking office. Most recently, Trump announced plans to impose a 35 per cent tariff on Canadian goods that are not compliant with the US-Mexico-Canada Agreement (USMCA) starting August 1.
Trump has also imposed a 50 per cent tax on all imported steel and aluminum and has threatened a 50 per cent tariff on all copper imports.
Those tariff announcements have already hit the construction industry. According to an NAHB survey from April, 60 per cent of home builders were already seeing tariff-related price increases.
However, not all home builders use imported materials, NAHB's chief economist, Rob Dietz, told CNN.
'It's important to note that about 40 per cent of the builders in our survey noted no cost effect,' he added.
The Canadian Chamber of Commerce's report highlighted Texas, Florida and California as states that would likely feel price shocks most acutely, due to being heavily reliant on imported construction goods.
Still, Dietz said many home builders have indicated that they're having difficulty pricing construction projects accurately due to tariff uncertainty.
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Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The new policy, announced Monday with a quiet change on the USOPC's website and confirmed in a letter sent to national sport governing bodies, follows a similar step taken by the NCAA earlier this year. The USOPC change is noted obliquely as a detail under 'USOPC Athlete Safety Policy' and references Trump's executive order, 'Keeping Men Out of Women's Sports,' signed in February. 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USA Fencing changed its policy effective Aug. 1 to allow only 'athletes who are of the female sex' in women's competition and opening men's events to 'all athletes not eligible for the women's category, including transgender women, transgender men, non-binary and intersex athletes and cisgender male athletes.' This advertisement has not loaded yet, but your article continues below. The nationwide battle over transgender girls on girls' and women's sports teams has played out at both the state and federal levels as Republicans portray the issue as a fight for athletic fairness. More than two dozen states have enacted laws barring transgender women and girls from participating in certain sports competitions. Some policies have been blocked in court after critics challenged the policies as discriminatory, cruel and unnecessarily target a tiny niche of athletes. The NCAA changed its participation policy for transgender athletes to limit competition in women's sports to athletes assigned female at birth. That change came a day after Trump signed the executive order intended to ban transgender athletes from girls' and women's sports. This advertisement has not loaded yet, but your article continues below. Female eligibility is a key issue for the International Olympic Committee under its new president, Kirsty Coventry, who has signaled an effort to 'protect the female category.' The IOC has allowed individual sports federations to set their own rules at the Olympics — and some have already taken steps on the topic. Stricter rules on transgender athletes — barring from women's events anyone who went through male puberty — have been passed by swimming, cycling and track and field. Soccer is reviewing its eligibility rules for women and could set limits on testosterone. 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