Tariffs Add Pressure to Canada’s Housing Market

Canada’s trade dispute with the US was adding pressure across housing and mortgages, from borrowing costs and construction expenses to weaker near-term demand.
An economist estimated ~50% tariffs on selected exports could cost Canada ~90K jobs, with Ontario and Quebec expected to feel the biggest effects.
A bank projected tariffs could trim Canada’s GDP by <0.5% and lift inflation similarly, a mix seen keeping the central bank sidelined.
Rising bond yields pushed fixed mortgage rates higher recently, while more borrowers turned to shorter-term and variable options as lenders watched vulnerable sectors.
Counter-tariffs on steel and aluminum were expected to raise building and renovation costs, slow new construction, and make mortgage advice more valuable for homeowners.