B.C. construction industry warns of increased costs from threatened U.S. tariffs
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The looming trade war with the United States has sparked uncertainty in B.C.'s housing market, with developers worried that the already sky-high cost of new construction is about to be driven up even further.
Carla Guerrera, CEO of Purpose Driven Developments, said the threatened U.S. tariffs are making it difficult to anticipate prices for things like appliances and plumbing fixtures, making it impossible for builders to project final costs and keep projects on track.
"Right now, we and our partners are frantically trying to look at where we can source Canadian products and divert away from some of the U.S. suppliers," she said.
There are tens of thousands of active housing projects at various stages of development in B.C., all now grappling with the uncertainty, not to mention the potential viability of projects planned for the future.
"There are escalating costs where purchasing power is already constrained, and so the viability of projects comes into question," said Ryan Berlin, a senior economist at real estate firm Rennie.
"To the extent that those conditions remain, we will see fewer projects come to market or launch than we already would have."
According to the latest CMHC report, many condominium projects are already on hold due to low demand for high-priced presales.
"It exacerbates an already dire situation. We've already got projects stalled. This is going to see fewer homes being built," said Anne McMullin, the CEO of the Urban Development Institute.
Fewer projects moving forward in the present raises the potential for even worse supply problems in the future. Unless, of course, there's a swift and diplomatic resolution to the Trump tariff threats.
"There just will not be enough new home inventory to probably keep up with what demand will look like over that time, and that's both rental and for sale," said Greg Zayadi, the president of Rennie.
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