ADVERTISEMENT Watch Algoma Steel president seeks access, trade certainty, and support after PM Carney announcement Algoma Steel President Michael Garcia reacts to PM Carney's plans, U.S. ties, and foreign steel's long-term impact.
Algoma Steel President Michael Garcia reacts to PM Carney's plans, U.S. ties, and foreign steel's long-term impact.
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National Post
39 minutes ago
- National Post
Canada's homebuilding industry feeling strain of U.S. tariffs on costs, supply chain
Article content 'They're taking advantage of the availability of acquiring it and then having it available for the future, which then increases the overhead because you're holding on to that material, rather than acquiring it when you need it,' Shindruk said. Article content With early concerns about the effects of the trade war, Greater Toronto Area-based Altree Developments had forecast a three to five per cent hit to its overall budget, said the company's president and CEO, Zev Mandelbaum. Article content That figure has since decreased due to more Canadian material being available than first anticipated, said Mandelbaum. But he said the roller-coaster of tariff developments — from the latest threat of additional levies to hope that ongoing negotiations will soon lead to a new trade deal — has made it 'impossible' to plan ahead. Article content He added his company has seen a far greater impact on the revenue side of the business over the past six months, as economic uncertainty drove down buyer demand. Article content 'It was more the fear of just … economic instability in Canada that stopped house buying and stopped people from wanting to invest, whether it be locals looking for homes or foreigners looking to invest in the country,' he said. Article content Article content 'That alienation caused us to have less sales, and because of that, that put even more pressure on construction costs.' Article content In its housing forecast for the year, published in February, Canada Mortgage and Housing Corp. predicted a trade war between Canada and the U.S. — combined with other factors such as reduced immigration targets — would likely slow the economy and limit housing activity. Article content The national housing agency had also said Canada was set for a slowdown in housing starts over the next three years — despite remaining above the 10-year average — due to fewer condominiums being built, as investor interest lags and demand from young families wanes. Article content As of June, year-to-date housing starts totalled 114,411 across regions with a population of 10,000 or greater, up four per cent from the first half of 2024. Article content Article content Despite that boost in new construction, a regional analysis shows provinces with industries more exposed to tariffs are experiencing a slowdown, said CMHC chief economist Mathieu Laberge. He noted Ontario's housing starts have dropped around 26 per cent to date year-over-year, while B.C. has seen an eight per cent decline. Article content Article content In Ontario, five of the 10 most tariff-impacted cities also recorded an increase in mortgage arrears during the spring. Laberge said the trade war, or associated macroeconomic factors, likely prompted layoffs in those regions, which meant people couldn't pay their mortgage. Article content He said he expects that will eventually translate to a lower number of homes being built. 'This is a slow filter through, but it's a real one. We see it happening — although maybe not in the housing starts or resales yet,' Laberge said. Article content Lee said the industry is already noticing those effects. Article content 'The big problem now is we're just not getting the kind of starts we need and there's a lot of concern in the industry now,' Lee said. Article content Before tariffs, he said some regions, such as Atlantic Canada and the Prairies, had started to see housing starts rebound from a national lull that was fuelled by previously high interest rates. Other provinces, such as Ontario and B.C. — where houses remain the most expensive — hadn't yet reached similar levels of new construction.
Vancouver Sun
2 hours ago
- Vancouver Sun
Trump's tariff threats against Canada face legal hurdles ahead of August deadline
Donald Trump's plan to realign global trade faces its latest legal barrier this week in a federal appeals court — and Canada is bracing for the U.S. president to follow through on his threat to impose higher tariffs. While Trump set an Aug. 1 deadline for countries to make trade deals with the United States, the president's ultimatum has so far resulted in only a handful of frameworks for trade agreements. Deals have been announced for Japan, Vietnam, Indonesia, the Philippines and the United Kingdom — but Trump indicated last week that an agreement with Canada is far from complete. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'We don't have a deal with Canada, we haven't been focused on it,' Trump told reporters Friday. Trump sent a letter to Prime Minister Mark Carney threatening to impose 35 per cent tariffs if Canada doesn't make a trade deal by the deadline. The White House has said those duties would not apply to goods compliant with the Canada-U.S.-Mexico Agreement on trade. Canadian officials have also downplayed expectations of a new economic and security agreement materializing by Friday. 'We'll use all the time that's necessary,' Carney said last week. Countries around the world will also be watching as Trump's use of a national security statute to hit nations with tariffs faces scrutiny in the United States Court of Appeals for the Federal Circuit. The U.S. Court of International Trade ruled in May that Trump does not have the authority to wield tariffs on nearly every country through the use of the International Economic Emergency Powers Act of 1977. The act, usually referred to by the acronym IEEPA, gives the U.S. president authority to control economic transactions after declaring an emergency. No previous president had ever used it for tariffs and the U.S. Constitution gives power over taxes and tariffs to Congress. The Trump administration quickly appealed the lower court's ruling on the so-called 'Liberation Day' and fentanyl-related tariffs and arguments are set to be heard in the appeal court on Thursday. The hearing combines two different cases that were pushing against Trump's tariffs. One involves five American small businesses arguing specifically against Trump's worldwide tariffs, and the other came from 12 states pushing back on both the 'Liberation Day' duties and the fentanyl-related tariffs George Mason University law professor Ilya Somin called Trump's tariff actions a 'massive power grab.' Somin, along with the Liberty Justice Center, is representing the American small businesses. 'We are hopeful — we can't know for sure obviously — we are hopeful that we will continue to prevail in court,' Somin said. Somin said they are arguing that IEEPA does not 'give the president the power to impose any tariff he wants, on any nation, for any reason, for as long as he wants, whenever he feels like it.' He added that 'the law also says there must be an emergency and an unusual and extraordinary threat to American security or the economy' — and neither the flow of fentanyl from Canada nor a trade deficit meet that definition. U.S. government data shows a minuscule volume of fentanyl is seized at the northern border. The White House has said the Trump administration is legally using powers granted to the executive branch by the Constitution and Congress to address America's 'national emergencies of persistent goods trade deficits and drug trafficking.' There have been 18 amicus briefs — a legal submission from a group that's not party to the action — filed in support of the small businesses and states pushing against Trump's tariffs. Two were filed in support of the Trump administration's actions. Brent Skorup, a legal fellow at the Washington-based Cato Institute, said the Trump administration is taking a vague statute and claiming powers never deployed by a president before. The Cato Institute submitted a brief that argued 'the Constitution specifies that Congress has the power to set tariffs and duties.' Skorup said there are serious issues with the Trump administration's interpretation of IEEPA. 'We don't want power consolidated into a single king or president,' he said. It's expected the appeals court will expedite its ruling. Even if it rules against the duties, however, they may not be immediately lifted. White House Press Secretary Karoline Leavitt has said the Supreme Court should 'put an end to this.' There are at least eight lawsuits challenging the tariffs. Canada is also being hit with tariffs on steel, aluminum and automobiles. Trump used different powers under the Trade Expansion Act of 1962 to enact those duties. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
CTV News
2 hours ago
- CTV News
Eco-friendly night market offers conscientious shopping in northeast Calgary
An eco-friendly night market took place Saturday at Renfrew Community Association in northeast Calgary A night market with an ethical twist was held Saturday at Renfrew Community Association. Change Makers Collective annual eco-friendly night market doubled in size in 2025, offering more than 40 curated and eco-vetted vendors, selling an array of vintage and upcycled clothes, handmade jewellery, ceramics, prints, small-batch skincare, aromatherapy, low-waste art, home goods and decor. Event organizer Adriane Gerrard-Gauthier said every vendor is vetted before being accepted to the night market. 'They're either providing recycled or recyclable packaging, low packaging, no packaging, everything,' said Gerrard-Gauthier. '(There's) very little plastic, and there's very little waste from their production methods. 'People are kind of surprised, because it's everyday products. It's nothing quirky. I mean, we do have quirky, but it's not super niche stuff. It's everyday products, and just making a small effort can make a huge difference.' For more about Change Makers Collective, go here. With files from CTV's Darren Wright
