Experts say Trump tariffs may increase the cost of building a house
Posted December 18, 2024 9:09 pm.
Last Updated December 18, 2024 9:25 pm.
It was a great year for housing starts in Alberta, but 2025 may not see the same success.
The looming threat from US president elect Donald Trump to impose 25 per cent tariffs on all Canadians products has Alberta’s home builders cautiously trying to predict the market’s future.
“25 per cent tariffs are going to have a significant impact on the cost of building a house,” said Scott Fash, CEO of Bild Alberta Association.
“I have no idea what it’s going to be in six months. So, they’re trying to forecast it just like any other business, and right now, there’s a lot of unknowns,” said Fash.
Only president elect Trump knows for sure whether the tariffs will take effect when he takes office in mid-January.
If he follows through, the cost of materials for new builds and personal budgets could grow.
That could make for a potent combination of higher price tags on homes and less money for buyers.
“If people are looking and they have the budget, things are only getting more expensive,” said Tina Joa, Real Estate Agent, Re/max Excellence.
Some Alberta real estate agents anticipate the market will heat up as the weather does… making for a very busy spring among buyers and sellers, with or without trump’s tariffs.
“With the rate cuts and everything that’s happening, I don’t see it coming down. I don’t see an end to how hot the market is anytime soon,” said Joa.
Trump will be sworn into office January 20.
