Having trouble keeping track of the tariffs? You’re not alone. If you’re eyeing the housing market to make a move and wondering about the latest impacts, here’s what to know. And don’t hesitate to contact our team for the most up-to-date information on housing activity.
How are the tariffs affecting housing?
Somewhat surprisingly, President Trump seemed to spare Canada this week with his latest tariffs announcement—though the tariffs on foreign-made cars (including those made in Canada) did go into effect.
That means the original 25% tariffs on Canadian imports like aluminum and steel are still in effect, meaning we should see construction costs rise in the near future. That translates to higher prices for new homes and a slowing down of home building, and renovations could become pricier as well.
Has the market picked up at all?
The spring market has been a bit unsteady given all this tariff turmoil. Some buyers may be hesitant to move forward in a time of economic uncertainty—however, listings for homes are rising.
What about interest rates?
The Bank of Canada (BOC) benchmark interest rate sits at 2.75% after the most recent decrease in March, and this could motivate some buyers. The BOC has another announcement scheduled for April 16, though experts are predicting the current rate to hold.
What should I be doing if I’m interested in buying or selling?
As always, stay informed and keep track of any updates or announcements before exploring your housing options. We’ve got you covered, so please don’t hesitate to reach out. We’re here to help every step of the way.
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