Category: Economy

Key Takeaways:

• The Act aims to reduce housing costs and accelerate construction by standardizing and simplifying development charges, building standards, and approval processes across Ontario’s 444 municipalities—addressing long-standing delays and inconsistencies
• Ontario is injecting an additional $400 million into the Housing-Enabling Water Systems Fund (HEWSF) and the Municipal Housing Infrastructure Fund (MHIP), bringing the total to nearly $2.3 billion over four years, to support housing-related water and infrastructure projects that enable the construction of hundreds of thousands of new homes.
• The legislation reflects extensive consultations with municipalities and industry stakeholders like the Ontario Home Builders’ Association, which applauds the focus on reducing development charges and permitting delays—two major contributors to high housing costs in Ontario.

The Whole Story:

Ontario is introducing the Protect Ontario by Building Faster and Smarter Act, 2025 to help speed up the construction of new homes and infrastructure, including by streamlining development processes and reducing costs in close partnership with municipalities.

The province is also increasing its investment in housing-enabling infrastructure by adding $400 million in immediate funding to the Housing-Enabling Water Systems Fund (HEWSF) and Municipal Housing Infrastructure Fund (MHIP) for a total of nearly $2.3 billion over four years across the HEWSF and the MHIP.

“We are taking bold action to protect Ontario in the face of economic uncertainty by speeding up construction so we can lower housing costs and keep workers on the job,” said Rob Flack, Minister of Municipal Affairs and Housing. “The legislation we’re tabling today responds to recommendations and requests from municipal leaders, and will help build the homes and infrastructure Ontario needs.”

The Protect Ontario by Building Faster and Smarter Act, 2025, if passed, and related actions would:

• Spur new construction by simplifying and standardizing development charges based on measures that were developed in consultation with municipalities, including measures that some municipalities have already implemented.
   
• Remove barriers for Canadian manufacturers who want to introduce innovative materials, systems and building designs that could reduce construction costs and expedite projects.
   
• Streamline and improve planning and delivery for transit-oriented communities, creating more jobs and housing options near transit.
   
• Reduce costs and speed up project approvals with consistent building construction standards across Ontario municipalities.
   
• Significantly speed up getting shovels in the ground to build major transit projects by extending measures in the Building Transit Faster Act, 2020 to all provincial transit projects.
   
• Simplify, streamline and bring consistency and transparency to development applications, land use planning approvals, and contents of municipal official plans. These changes would make it easier and faster to build residential, commercial and industrial buildings within and across Ontario’s municipalities.
   
• Ontario’s road building standards can differ across the province’s 444 municipalities, causing unnecessary cost and delays. The province will consult with municipalities and stakeholders by fall 2025 on framework legislation for greater harmonization and clarified governance of municipal standards.

“We are pulling out all the stops to protect and build up Ontario during this time of economic uncertainty,” said Kinga Surma, Minister of Infrastructure. “Our expanded investments will ensure we can build even more homes, create more jobs and protect the most critical infrastructure that people depend on every day.”

Through HEWSF, the province has already allocated nearly $1.3 billion for water and waste-water infrastructure projects that will enable the construction of approximately 600,000 homes. Ontario has also invested approximately $700 million in MHIP. Combined with the new $400 million ($315 million for HEWSF and $85 million for MHIP) this brings the new total investment to nearly $2.3 billion.

“I applaud Premier Ford, Minister Flack, and the Government of Ontario for taking bold and creative action to address the housing crisis,” said Steven Del Duca, Mayor for the City of Vaughan. “The status quo simply isn’t working, and families across Ontario — including mine — deserve to see real change. I want my kids to have the opportunity to own a home in the city where they grew up. In Vaughan, we’re doing our part by reducing development charges by 50 per cent and using every tool available to get more homes built, faster. I welcome the province’s leadership in cutting red tape, standardizing approvals, and building a more efficient, affordable future for all Ontarians.”

Through the Building Faster Fund, the government has also provided municipalities with $286.8 million for community and housing-enabling infrastructure last year, along with $120 million dedicated for small, rural and Northern municipalities without housing targets which is being delivered through the HEWSF and MHIP. This is in addition to the $1 billion in flexible loans for housing-enabling water infrastructure projects available to municipalities through the Infrastructure Ontario Loan Program.

“I’m grateful for the province’s leadership in introducing these much-needed measures to address the housing crisis,” said Carolyn Parrish, Mayor for the City of Mississauga. “Municipalities cannot tackle this challenge alone — we need support like this to cut red tape, streamline approvals, and create the conditions for faster, more affordable housing development. Mississauga’s Housing Task Force has demonstrated that bold reforms and innovative policies can drive real progress, and these provincial measures will encourage cities across Ontario to accelerate their own housing initiatives. This kind of collaboration across all levels of government is critical to meeting the urgent housing needs of our residents and building a more sustainable future for residents all over Ontario.”

The Ontario Home Builders’ Association (OHBA) responded to the announcement, say they were optimistic about the legislation. The group noted that it targets two of the most significant drivers of high housing costs: development charges and permitting and approval delays. Builders across Ontario have long advocated for action on these barriers, which in many cases add hundreds of thousands of dollars to the cost of a new home.

The bill comes after months of consultation with OHBA representatives and other industry experts who
shared data-driven evidence on the impact of development charges and delays.

“I’m very pleased by the level of engagement and representation from industry that was part of this process,” said Andison. “We need all hands on deck to tackle the housing crisis, and I’m happy to know that Minister Flack understands that and sees value in having industry be part of the conversation. This legislation is a strong step towards boosting supply, restoring affordability, and protecting jobs in the residential construction sector.”

In particular, the bill aims to stimulate new home construction by implementing policies developed with municipalities to standardize development charges. Currently, government fees and taxes account for roughly 30-35% of the cost of a new home, making the government at different levels the biggest financial beneficiary of a new home purchase.

Development charges account for about half of that cost and have increased dramatically over the last decade. The Greater Toronto Area has the highest development charges in North America, which have risen 176% since 2011, continuing to rise while we face the worst housing crisis the province has ever seen. Builders have long called for provincial action to reduce them

The bill also looks to streamline the permitting and approval process for new developments by bringing consistency to a process that varies across the 444 municipalities in Ontario. This includes standardizing how local roads are designed and built to speed up construction and reduce costs for builders and home buyers. Like development charges, delays at the municipal level have a tangible impact on house prices, adding thousands of dollars per day to project costs.

“Ontario’s current housing framework is failing to meet the needs of average households, with homeownership increasingly out of reach and younger generations leaving the Greater Toronto Area in search of attainable living options,” said Kirstin Jensen, Vice President of Policy, Advocacy, and Relationships at OHBA. “The legislative package introduced by Minister Flack represents a strong and necessary advancement toward restoring attainable housing in the province. Continued leadership of this nature—anchored in evidence-based policy and strong government-industry collaboration—will be critical to meaningfully addressing Ontario’s housing supply and affordability challenges.”

Key Takeaways:

• The province has approved construction of the first of four SMRs at the Darlington site, marking a historic milestone as the first SMR project in a G7 country. Once complete, the four reactors will generate enough clean electricity to power 1.2 million homes.
• The SMR project is expected to create up to 18,000 Canadian jobs and contribute $38.5 billion to Canada’s GDP over 65 years, with 80% of project spending targeted for Ontario-based companies.
• With Ontario’s electricity demand projected to rise by at least 75% by 2050, SMRs are being positioned as a low-emissions, reliable baseload solution to bridge the anticipated power gap and support long-term energy security.

The Whole Story:

Ontario is set to make history with the launch of Canada’s—and the G7’s—first small modular reactor (SMR), as the province moves aggressively to secure its energy future and meet a projected 75% surge in electricity demand by 2050.

The full project scope includes the construction of four small modular reactors (SMRs) at the Darlington nuclear site.

Once complete, this SMR will be the first of its kind in the G7, producing enough electricity to power the equivalent of 300,000 homes, supporting thousands of good-paying jobs across the province and helping secure Ontario’s energy supply for decades to come.

The construction of the four units will support the government’s plan to protect Ontario’s workers and economy by creating up to 18,000 Canadian jobs and injecting $500 million on average annually into Ontario’s economy. The construction, operation and maintenance of the four units are expected to add $38.5 billion to Canada’s GDP over the next 65 years. Officials say they are working with OPG to ensure that 80% of project spending goes to Ontario companies and that construction and operations will protect Ontario workers and jobs by sustaining an estimated 3,700 highly-skilled, good-paying jobs for the next 65 years.

“This is a historic day for Canada as we start construction on the first small modular reactor in the G7, creating 18,000 jobs for Canadians,” said Stephen Lecce, Minister of Energy and Mines. “This nation-building project being built right here in Ontario will be led by Canadian workers using Canadian steel, concrete and materials to help deliver the extraordinary amount of reliable and clean power we will need to deliver on our ambitious plan to protect Ontario and unleash our economy.”

The BWRX-300 is a small-scale nuclear reactor that uses commercially available uranium to generate power. The four SMRs will be vital to powering new homes, historic investments to build Ontario and fuel a thriving economy. Once complete, they will produce 1,200 megawatts (MW) of electricity, enough to power the equivalent of 1.2 million homes, to help bridge a power gap that could emerge in the early 2030s in the absence of net-new baseload power sources added to the grid.

More than eighty Ontario companies have already signed agreements with OPG to deliver this first-of-a-kind project, establishing themselves as leaders in the growing domestic and global markets for new nuclear technologies. The government has also negotiated additional commitments from GE Hitachi that will create jobs in Ontario, that will soon be unveiled.

Ontario’s Independent Electricity System Operator (IESO) concluded that the Darlington New Nuclear Project is the best option to meet growing demand in terms of costs and risks, when compared against non-emitting generation alternatives. This, combined with OPG’s track-record on the Darlington Refurbishment Project, factored into the government’s decision to support the Darlington New Nuclear Project.

Within Canada, the Ontario government and OPG are collaborating with power companies in Alberta, Saskatchewan and New Brunswick as they work towards the deployment of SMRs in their jurisdictions. Around the world, the government has helped secure job-creating agreements that deploy Made-In-Ontario components to build SMR’s for the world.

Key Takeaways:

• As of April 1, Manitoba’s new regulation mandates timely construction payments to ensure funds flow efficiently through the project chain, protecting contractors, subcontractors, and suppliers.
• The regulation includes a new adjudication authority to resolve payment disputes quickly, outlining clear processes and responsibilities to minimize project disruptions.
• The changes aim to strengthen Manitoba’s construction sector—particularly small and medium-sized firms—by reducing financial risk and enabling continued investment and hiring, including apprentices.

The Whole Story:

Manitoba government’s prompt payment regulation, which facilitates the timely flow of construction payments, has come into force as of April 1, Public Service Delivery Minister Mintu Sandhu announced.

The law establishes mandatory 28-day payment timelines for owners, seven-day cascading payments down the contracting chain, and adjudication for disputes

“Construction projects are complex and involve many parties, including owners, contractors, sub-contractors, engineers, labourers and material suppliers, and often conflicts between these parties can result in withholding funds,” said Sandhu. “These regulations make sure the local contractor at the end of the chain is protected, as they are often the one who are affected by delayed payments.” 

The prompt payment regulation addresses concerns from the construction industry about delayed payments causing problems through project payment chains, noted the minister, adding this ensures orderly and timely construction projects occur by avoiding the disruptive effect of non-payments. 

“The establishment of an adjudication framework and authority were important steps taken by this government,” added Sandhu. “The construction sector is vulnerable to the impact of delayed payments because of the tiered payment structure and these changes will reduce the risk of disruptions to projects while ensuring sub-contractors and suppliers can continue to pay bills and their workers.” 

The regulations set out the duties and powers of the adjudication authority including details about payment and adjudication, process in the event of non-payment, requirements for adjudicators and other matters concerning the conduct of an adjudication. 

“Our industry is thrilled to see the creation of a construction prompt payment system in Manitoba and the launching of the new prompt payment adjudication authority,” said Ron Hambley, president, Winnipeg Construction Association. “We were pleased to collaborate with the Manitoba government and dedicated industry professionals to create an adjudication authority that will provide oversight and guidance as the industry adjusts to this new system. Construction payments that are withheld place contractors, especially smaller contractors, at great financial risk and we are confident that the prompt payment system in Manitoba will work to address these concerns.”  

The construction industry is a significant contributor to Manitoba’s economy and includes many small- and medium-sized companies where delayed payments would limit their ability to invest and hire apprentices, added the minister.   

Manitoba’s journey to implement prompt payment legislation began with two unsuccessful attempts in 2018 (Bill 218) and 2019 (Bill 245), both titled The Prompt Payments in the Construction Industry Act, aimed at reducing financial risks for contractors and subcontractors. After years of advocacy, Bill 38 (The Builders’ Lien Amendment Act) was introduced in 2023, received Royal Assent on May 31, 2023.

Key Takeaways:

• Dow has postponed construction of its $8.9 billion Path2Zero project in Fort Saskatchewan, Alberta, citing current macroeconomic challenges and a focus on financial discipline. As a result, its 2025 capital expenditures are being reduced from $3.5 billion to $2.5 billion.
• Despite the delay, Dow remains committed to completing the world’s first net-zero Scope 1 and 2 emissions ethylene cracker and derivatives facility. The project will use technologies like hydrogen fuel, carbon capture, and cogeneration to decarbonize 20% of Dow’s global ethylene capacity and increase polyethylene production by 15%.
• When completed, the project is expected to generate 7,000–8,000 construction jobs and 400–500 permanent positions. It is also backed by substantial government support, including $1.8 billion from Alberta’s Petrochemicals Incentive Program and up to $400 million in federal tax credits for clean technologies.

The Whole Story:

Following a comprehensive review, Dow has decided to delay construction of its Path2Zero project in Fort Saskatchewan, Alberta, Canada until market conditions improve. The Company now expects Dow’s total enterprise 2025 CapEx to be $2.5 billion compared to its original plan of $3.5 billion.

In its first quarter results report, Dow stated remains committed to the project and the growth upside it will enable in targeted applications like pressure pipe, wire and cable, and food packaging. The project is being built at an existing Dow site in a significantly cost-advantaged region. It is expected to be a first quartile asset with attractive returns and the added benefit of being the world’s first net-zero Scope 1 and 2 emissions integrated ethylene cracker and derivatives facility.

“We remain focused on disciplined execution and increased actions to improve profitability and support cash flow,” said Jim Fitterling, Dow chair and CEO. “Despite ongoing macroeconomic challenges, Team Dow delivered a sixth consecutive quarter of year-over-year volume growth while taking actions to reduce costs and right-size capacity. The significant impact of slower GDP growth and volatile market conditions on our industry underscores the importance of our proactive management and best-owner mindset. Today’s announcements build on Dow’s cost actions that are already underway, aiming to further strengthen our financial flexibility and support a balanced capital allocation approach.”

In the results report, company officials noted net sales were $10.4 billion, down 3% year-over-year, reflecting declines in all operating segments. 

Edmonton builders react with disappointment

The local construction industry was quick to react, noting the impact it will have on workers and businesses.

“The Edmonton Construction Association is disappointed by Dow’s recent decision to delay construction of the Path2Zero project in Fort Saskatchewan,” said David Johnson, President, Edmonton Construction Association. “Our industry, and the skilled trades workers our members employ, had been hoping for different news. This has been billed as a world-leading, net-zero petrochemical facility, and at nearly $9B, it would be one of the most significant industrial investments in Alberta’s history.”

Johnson noted that the project had strong support from the Government of Alberta, industry, and, most importantly, from the skilled tradespeople of Alberta. This decision delays economic growth and employment in the Edmonton region. However he was encouraged by Dow’s reaffirmed commitment to the project.

“Projects of this scale require time, planning and perseverance. Final investment decisions aren’t made lightly and require the right market conditions, which are uncertain right now,” said Johnson. “There’s no question this decision will have an immediate impact on local contractors, skilled tradespeople, suppliers, and construction professionals who have been preparing to support the project.”

Path2Zero would be a world-first

The Path2Zero project is a pioneering industrial initiative located in Fort Saskatchewan, Alberta, within the province’s Industrial Heartland near Edmonton. Its central objective is to establish the world’s first net-zero emissions integrated ethylene cracker and derivatives site. This means the facility is designed to eliminate direct greenhouse gas emissions from its operations (Scope 1) as well as emissions from purchased energy (Scope 2), setting a new global standard for the petrochemical industry.

To achieve these ambitious environmental goals, the project will employ a combination of advanced technologies, including hydrogen-fueled processes, carbon capture and sequestration, and power and steam cogeneration. Once operational, the expanded site will be capable of producing approximately 3.2 million metric tonnes of low- to zero-emissions polyethylene and ethylene derivatives each year, effectively tripling Dow’s current production capacity at this location. This expansion is significant not only for its scale but also because it will decarbonize about 20% of Dow’s global ethylene capacity and increase its polyethylene supply by 15%.

The Path2Zero project is being developed in two phases, with the first phase originally scheduled to begin operations in 2027 and the second phase in 2029. Prior to the delay, the full project was anticipated to be completed by 2031.

Economically, the project represents a major investment of approximately $8.9 billion, supported by significant incentives from both the provincial and federal governments. The Alberta Petrochemicals Incentive Program is contributing around $1.8 billion, and federal tax credits for carbon capture and clean hydrogen could add up to $400 million. At its peak, the construction phase is expected to create between 7,000 and 8,000 jobs, with 400 to 500 permanent full-time positions once the facility is operational.

Key Takeaways:

• The B.C. government, through the Manufacturing Jobs Fund (BCMJF), is investing over $97 million into the province’s value-added forestry and manufacturing sectors. This support is enabling companies like Spearhead Timberworks, Westlam Industries, Mercer Celgar, and Greyback Construction to expand operations, adopt advanced technologies, and create or protect over 3,500 jobs—many in regional, remote, and Indigenous communities.
• Investments are fostering innovation and modernization in mass timber, engineered wood, and bioproducts. Companies are using advanced technology and sustainable practices to boost productivity and international competitiveness, particularly in areas like curved glulam production and small-diameter log processing.
• The initiative comes at a time of economic pressure due to U.S. tariffs on B.C. lumber, which currently sit at 14.4% with threats of an additional 25%. These investments aim to mitigate impacts such as mill closures and layoffs by stabilizing the sector, securing supply chains, and enabling long-term growth through diversification and innovation.

The Whole Story:

As U.S. tariffs rattle B.C.’s forestry sector, the province is looking to support and grow the industry.

Through the BC Manufacturing Jobs Fund (BCMJF), the Government of B.C. is contributing as much as $11 million toward four forestry-sector capital projects in the province. The goal is to help B.C.-based forestry-product manufacturers grow their businesses by constructing new production facilities, purchasing new equipment and adding new high-value product lines, while creating and protecting hundreds of jobs.

“These timely investments into our province’s manufacturing and forestry value-added sectors will help strengthen homegrown B.C. companies, which in turn creates stronger local economies and sustainable jobs,” said Diana Gibson, Minister of Jobs, Economic Development and Innovation. “We’re working alongside industry to build a stronger, more resilient economy that works better for people and communities.”

Spearhead Timberworks Inc., near Nelson, specializes in the design and fabrication of highly advanced timber architecture. Spearhead is strengthening its capabilities, backed by as much as $7.5 million from the B.C. government to drive its expansion. This includes construction of a new purpose-built facility and implementation of advanced technology that will increase its competitiveness on the international stage, adding state-of-the-art production lines for specialized curved and double-curved glulam.

The province explained that the Kootenay region is quickly establishing itself as a hub for British Columbia’s growing mass-timber economy, uniting a network of local sawmills. The network includes but is not limited to Harrop-Procter Community Cooperative and J.H. Huscroft Ltd., value-added wood manufacturers, such as Kalesnikoff Mass Timber Inc., and progressive training in wood design, digital fabrication and sustainable construction delivered through Selkirk College.

“Over the past 35 years, we’ve honed our craft in advanced timber fabrication, completing over 450 projects worldwide and building a reputation as trailblazers in our field,” said Josh Hall, partner at Spearhead Timberworks Inc. “This investment from the Province will help us showcase B.C.’s remarkable wood resources globally, while creating long-term jobs at home. We’re honoured by the trust placed in us and excited to continue contributing meaningfully to our community and timber industry.”

More forestry-sector manufacturers receiving funds from the BCMJF include:

• Langley – Westlam Industries Ltd. is a wood-product manufacturer that specializes in construction-grade plywood. Westlam’s products play an important role in the housing and commercial building sector in B.C. and Canada, ensuring a strong local supply of key building materials. It will receive as much as $1.5 million to construct a new production facility and install new automated equipment that will introduce automation, improve fibre utilization, and increase output and productivity, while creating 46 jobs.
• Castlegar – Mercer Celgar Limited Partnership is a kraft pulp mill and biorefinery that produces premium pulp and generates bioenergy for the BC Hydro power grid. The company will receive as much as $1.75 million to modernize its small-log line and install equipment capable of processing smaller-diameter logs and a wider range of low-grade fibre. This investment will help maximize the value of fibre inputs and secure more than 400 jobs at the facility, making it one of the largest employers in the region.
• Penticton – Greyback Construction Ltd. is a commercial, residential and industrial construction contractor that is diversifying into prefabricated housing construction. It will receive as much as $235,000 to renovate a former mill site and purchase equipment that will vertically integrate and streamline production of prefabricated exterior walls and floors while creating 12 jobs, helping to create more homes quicker in B.C.

“British Columbia’s forestry companies and workers show what innovation, craftsmanship and hard work looks like,” said Ravi Parmar, Minister of Forests. “Spearhead, Westlam, Mercer Celgar, Greyback Construction, and many, many more across the province are stepping up and investing in their workers and their communities, and we’re right there with them. The Manufacturing Jobs Fund creates jobs, strengthens supply chains and supports people in their incredible work around this province.”

BCMJF has also accelerated transition within the forestry-product sector to high-value manufacturing. The program has incentivized more than $680 million flowing into forestry-product manufacturing, leading to the direct creation and protection of more than 3,500 forestry-sector jobs, many in regional, remote and Indigenous communities. Nearly one-quarter of all wood-product manufacturers in B.C have applied to the program, demonstrating that producers are investing in the future of forestry in the province.

BCMJF has also led to increased production of mass timber, engineered wood and bioproducts, with B.C.-based companies leading the way in innovative uses of waste wood, residuals and available fibre for high-value, high-demand products and exports. The province has partnered with 73 forestry-product manufacturers with more to come, dedicating more than $97 million to the industry in collaboration toward a stable, sustainable forestry sector in B.C.

The support comes at difficult time. The imposition and threat of escalating tariffs from the U.S.—currently at 14.4% for B.C. lumber, with the potential for an additional 25%—have created significant uncertainty, leading to mill closures, layoffs, and reduced shifts across the industry

Key Takeaways:

• Condo sales in the Greater Toronto Hamilton Area (GTHA) plummeted to their lowest levels in decades — down 62% year-over-year and 88% below the 10-year average. Toronto proper saw its lowest quarterly new condo sales since 1990, signaling a deep demand crisis.
• Unsold condo inventory reached a record-high 23,918 units — 78 months of supply, far exceeding the balanced market threshold (10–12 months). Completed but unsold units more than doubled year-over-year, and supply is expected to keep rising, adding pressure on prices and developer margins
• Only two projects launched in Q1-2025, and 28 projects (5,734 units) have been shelved or altered since 2024. Sales relied heavily on incentives, and average selling prices dropped 7% year-over-year to $1,151 psf. The gap between buyer expectations and developer costs continues to widen, stalling new construction starts and pushing some projects into receivership.

The Whole Story:

Toronto is in the midst of a historic condo market decline, data shows.

Urbanation Inc., a condominum information and analysis provider since 1981, has released its Q1-2025 Condominium Market Survey results and it’s not pretty.

The Greater Toronto Hamilton Area (GTHA) new condo apartment market reported a total of 533 sales in Q1-2025, declining 62% year-over-year and 88% below the 10-year average to reach the lowest quarterly total since 1995. The 215 new condo sales in the City of Toronto in Q1 fell to its lowest level since 1990.

“The new condo market is currently working through its most challenging period to date, which has become further impacted by the uncertainty and cost escalations caused by the trade conflict with the U.S. With the Toronto region relying on condos for more than one-half of its total housing development, the magnitude of this slowdown will result in severe supply repercussions,” said Shaun Hildebrand, President of Urbanation.

Only two projects launched for presales in Q1-2025 totaling 275 units. Since the beginning of 2024, 28 presale projects totaling 5,734 units were either put on hold, cancelled, placed in receivership, or converted to purpose-built rental, including four projects totaling 1,042 units in Q1-2025.

Unsold new condominium inventory totaled 23,918 units, increasing 6% from a year ago and 58% higher than the 10-year average. Unsold inventory was equal to 78 months of supply based on the pace of sales averaged over the last 12 months, a record-high that was approximately seven times greater than a balanced level of 10-12 months of supply.

Unsold inventory was made of up 10,934 unsold units in pre-construction projects, 11,073 unsold units in under construction projects, and 1,911 unsold units of standing inventory in completed projects. The number of completed and unsold units more than doubled compared to a year ago to reach its highest level since Q1-1993. Completed and unsold inventory is expected to continue rising this year as an additional 2,411 unsold units are currently scheduled to be completed by the end of 2025. This is in addition to any presold units that ultimately fail to close.

Of the new condo sales that occurred in Q1-2025, selling prices averaged $1,151 psf, down 7% from a year ago when units were selling for an average of $1,232 psf. Furthermore, of the projects generating sales activity, incentives were heavily employed, including significant cash back credits at closing, rental guarantees, and extended deposit payment schedules. Overall, asking prices for unsold inventory averaged $1,339 psf, a 2% decline from a year ago. This illustrates the large gap between prices that buyers demand versus prices that most developers need to sell for in order to build.

A total of 497 condominium units started construction in the GTHA during Q1-2025, dropping 79% from a year ago and 88% below the 10-year average to reach its lowest quarterly total since 1996. While condo completions decreased 16% from the record high last year to 9,495 units in Q1-2025, they remained 67% higher than the 10-year average. Condo completions are projected to total 31,396 units in 2025, surpassing last year’s record of 29,671 units, before falling to 17,487 units in 2026. As of Q1-2025, there were 69,042 condo units under construction in the GTHA, a decline of one-third over the past two years.

Key Takeaways:

• Since 2021, Canada’s population has grown at a historically unprecedented rate, driven largely by immigration, but new housing construction has not kept up. The report shows that this imbalance is one of the primary reasons behind the worsening housing affordability crisis.
• The report finds that, since the 1970s, there has been a general decline in the rate of housing starts per capita — especially pronounced in Ontario and British Columbia. This suggests that even before the recent surge in population, Canada was already underbuilding relative to demand.
• The mismatch between population growth and housing starts is especially severe in Ontario and B.C., where affordability has deteriorated the most. Meanwhile, provinces like Alberta have seen higher rates of construction relative to population increases, helping to moderate housing pressures.

The Whole Story:

The annual number of new homes being built in Canada in recent years is virtually the same as it was in the 1970s, despite annual population growth now being three times higher, finds a new study published today by the Fraser Institute, a Canadian public policy think tank.

“Despite unprecedented levels of immigration-driven population growth following the COVID-19 pandemic, Canada has failed to ramp up homebuilding sufficiently to meet housing demand,” said Steven Globerman, Fraser Institute senior fellow and co-author of The Crisis in Housing Affordability: Population Growth and Housing Starts 1972–2024.

Between 2021 and 2024, Canada’s population grew by an average of 859,473 people per year, while only 254,670 new housing units were started annually. From 1972 to 1979, a similar number of new housing units were built—239,458—despite the population only growing by 279,975 people a year.

As a result, more new residents are competing for each new home than in the past, which is driving up housing costs.

“The evidence is clear—population growth has been outpacing housing construction for decades, with predictable results,” Globerman said. “Unless there is a substantial acceleration in homebuilding, a slowdown in population growth, or both, Canada’s housing affordability crisis is unlikely to improve.”

Colliers moves to buy Triovest

Colliers has reached an agreement agreement to acquire Triovest Inc., a major Canadian commercial real estate services firm, from Coril Holdings. Upon closing, Triovest will rebrand as Colliers, merging operations to create Canada’s largest commercial real estate services provider with over 3,000 professionals, 95 million square feet under management, and $15 billion in development projects. The acquisition, expected to close in Q2 2025, strengthens Colliers’ asset and development management capabilities. Triovest, founded in 1995, generated $70 million in 2024 revenue and will now gain access to Colliers’ global resources and client base.

The addition of Triovest cements our position as the largest real estate services firm in Canada, while strengthening our capabilities in asset and development management

Brian Rosen, President and CEO, Colliers Canada

Stantec expands U.S presence

Edmonton-based Stantec has agreed to acquire Page, a Washington, DC-based architecture firm with 1,400 staff across 20 offices in the U.S. and Mexico. The acquisition will expand Stantec’s U.S. buildings practice by 35% and increase its U.S. headcount to 13,500, strengthening its North American presence and global market reach. Page, founded in 1898, brings expertise in architecture, engineering, interior, and urban design, with notable projects like the National Museum of African American History and Culture. Stantec will fund the deal using existing funds and credit facilities.

Structural Group acquires Vector

Structural Group, Inc. (SGI) has acquired Vector Construction / Restoration (Vector), which includes nine branch locations in the United States and Canada. The move supports SGI’s vision of continued growth in North America by adding valuable resources and capabilities in both countries.

We are pleased to join forces with SGI, the largest concrete repair contractor in North America. Our common mission is focused on preserving, repairing and extending the service life of the built environment. Together we’ll be able to achieve more, helping clients to solve complex concrete infrastructure challenges.

Bob Spriggs, CEO, Vector Construction

Bird Infrastructure expands services

Bird Infrastructure has announced the launch of its new Facilities Management Department, expanding its service offerings to include a full suite of facility operations and property management services such as leasing and tenant relations. Benett Hallas has been promoted to Manager, Facility Services, and will lead the new team, which is already managing 11 facilities across Ontario and Nova Scotia. With this expansion, Bird Mechanical now provides end-to-end infrastructure solutions encompassing mechanical, service, civil, structural steel, and facility management.

Relay merges with Fort Capital

Relay Transition Partners, founded nearly three years ago as an affiliate of Fort Capital Partners to serve small and medium-sized business (SMB) owners in the sale of their companies, has announced its merger with Fort Capital. Since its launch in June 2022, Relay has grown from two partners and one associate to a four-partner team with a strong track record of successful SMB transactions across Canada. This merger formalizes their close working relationship, unifies ownership, and enhances access to Fort Capital’s platform, while preserving Relay’s dedicated focus on businesses valued between $5 million and $50 million.

Alltrade rebrands to Barton Malow

Alltrade Industrial Contractors, a Canadian leader in energy, automotive, and industrial projects and part of the Barton Malow Family of Companies, has rebranded as Barton Malow Canada Ltd. The rebrand aims to strengthen integration between U.S. and Canadian teams while leveraging Barton Malow’s legacy and Alltrade’s growth in the renewable sector. The change will not affect the entity’s legal status or existing contracts. Acquired by Barton Malow in 2019, the Canadian team now includes over 100 members across offices in Ontario and Alberta, with a project portfolio exceeding 2 GW of renewable energy, 1,360 MWh of BESS, and over 4 million SF of EV battery manufacturing facilities.

Indigenous developer recognized for CSR efforts

Squamish Nation’s Nch’ḳaẏ Development Corporation has been named one of the most innovative companies in corporate social responsibility by Fast Company. Sen̓áḵw, a landmark development led by the Nch’ḳaẏ with Westbank, is transforming Vancouver’s coastline with 6,000 rental units across 11 high-rise towers on ancestral Squamish land. Exempt from city zoning rules, the project blends cultural revival, sustainability, and housing innovation, aiming to become Canada’s first large-scale net zero community.

Augmenta raises $10M in seed funding

Toronto-based Augmenta, an AI-powered design platform for the built environment, has raised $10 million in Seed funding led by Prelude Ventures, with participation from Montage Ventures. The funding will support the expansion of its Electrical System Design (ESD) agent, accelerate the development of Mechanical and Plumbing agents, and grow its sales and support teams. Led by CEO Francesco Iorio, Augmenta automates complex MEP/S design processes for the AEC industry, reducing errors, rework, and costs while enhancing sustainability. The raise follows a strategic partnership with BIM leader ENG to advance automated electrical design modeling for subcontractors.

Dillon partners with FBM

Dillon Consulting, headquartered in Toronto, has formed a partnership with FBM, a Halifax-based architecture, interior design, and planning firm. Established in 1917, FBM is one of Atlantic Canada’s leading design firms, with a team of over 55 employees. Dillon, founded in 1946 in London, Ontario, is an employee-owned firm. The partnership will allow both firms to support clients nationwide, with FBM continuing to operate independently as FBM Architecture. The collaboration builds on nearly two centuries of combined experience in resilience, innovation, and sustainability, aligning with their shared commitment to community and design excellence.

Ramudden adds safety companies

Ramudden Global has signed an agreement to acquire Curtin Co and Carolina Traffic Devices, expanding its leadership in road and urban safety infrastructure across the Southeast U.S. Based in Charlotte, NC, both companies provide traffic control solutions for contractors and government agencies, including products like temporary barriers, impact attenuators, portable traffic signals, and more. This acquisition aligns with Ramudden Global’s mission to enhance road safety solutions in North America, providing Curtin Co and Carolina Traffic Devices with additional resources for growth while maintaining their commitment to excellence, service, and innovation.

Universal Group acquires Airmaster

CAI Capital Partners announced that its portfolio company, the Universal Group, through its subsidiary Barricades and Signs Ltd., has successfully acquired Airmaster Sales Ltd., a manufacturer of traffic control signs based in Winnipeg, Man. Airmaster will expand Barricades’ capabilities. The acquisition was supported by equity co-investment partners BDC Capital, Roynat Equity Partners, and Frind Enterprises.

Graham Group merges with XL Industries

Graham Group has merged with XL Industries (XLI), a leading northern California construction firm, to expand delivery capacity in key growth sectors and strengthen Graham’s U.S. presence. With over $1.4 billion (USD) in project backlog, the merger immediately boosts Graham’s annual revenues and service offerings. XLI, which includes XL Construction and other subsidiaries, will join Graham’s U.S. Buildings group but retain its brand and leadership.

By joining forces, we’re growing our market presence and bringing even more innovation to the industry. XL Industries is known for its reliability and commitment to quality, just like us, making this partnership a great fit for both teams. There is no question that our combined strength, talent and innovation will grow our leadership in the industry.

Andy Trewick, CEO of Graham

PTAG to acquire Construct-X

PTAG Inc. has announced its agreement in principle to acquire 100% of Construct-X, a Houston-based leader in Advanced Work Packaging (AWP) and digital project execution. This strategic move unites two industry leaders known for collaborative contracting and innovative project delivery in industrial and infrastructure sectors. With a shared vision and history of partnership, PTAG and Construct-X aim to redefine capital project execution by offering integrated, data-driven solutions that enhance efficiency, predictability, and performance. The acquisition will be spotlighted at the Canadian Nuclear Association Annual Conference, highlighting their unified approach to transforming project delivery on a global scale.

Ottawa supports east coast mass timber industry

The Canadian government is investing $500,000, with a potential additional $10 million in conditional funding, to support MTC Mass Timber Company in building a high-tech manufacturing plant in Nova Scotia that will utilize under-valued eastern spruce. Touted as Canada’s first large-scale, clear-span timber manufacturing facility, the project will make MTC the first vertically integrated mass timber manufacturer in Atlantic Canada, with a capacity to construct 2.5 million square feet annually.

Northstar secures asphalt shingle recycling patent

Northstar Clean Technologies has secured a follow-on Canadian patent for Stage 3 of its proprietary asphalt shingle reprocessing technology, specifically covering the asphalt recovery process, with protection lasting until 2042. This patent strengthens Northstar’s intellectual property portfolio as it prepares to launch commercial production at its Calgary facility in mid-2025. Already holding patents in the U.S. and Canada, the company is actively pursuing additional protections internationally to solidify its leadership in the emerging asphalt shingle recycling industry.

Key Takeaways:

• The Attorney General of British Columbia has directed her Ministry to prepare Prompt Payment legislation, signaling a major step forward in ensuring timely payments in the construction sector.
• The BC Construction Association (BCCA) is advocating strongly for the legislation, emphasizing its importance for industry stability, workforce retention, and economic growth.
• According to a BCCA survey, 91% of B.C. construction employers experienced late payments in the past year, with 69% not being paid at all at least once.

The Whole Story:

The province of B.C. just got one step close ensuring timely payment in the construction sector.

The BC Construction Association (BCCA) announced that Attorney General Niki Sharma has directed her Ministry to prepare Prompt Payment legislation. The announcement comes in the midst of the eighth annual Construction and Skilled Trades Month and follows BCCA’s annual Day at the Legislature in Victoria.

The group stated that payment certainty will have profoundly positive impacts on the industry, economy, and lives of hard-working British Columbians. BCCA urged the provincial government to prioritize the development and implementation of this critical legislation and commit to collaborating with the construction industry as partners in this important work.

“We’re pleased to see the BC government take steps toward ensuring payment certainty for the construction industry,” said Chris Atchison, President of the BCCA. “This legislation is absolutely crucial to support, attract, and retain the investment and workforce our province and economy need to keep growing, and keep growing strong.”

The group noted that provincial government’s delay in passing Prompt Payment Legislation has had significant and devastating consequences for BC’s construction industry and infrastructure development. They argued that by taking swift action now, legislators can show their support for this critical sector, improve cash flow for British Columbians across the province, strengthen the economy, and ensure that BC remains competitive on national and global stages.

“Prompt Payment legislation must be informed by the perspectives and needs of those impacted — the construction industry must always have a seat at the table,” emphasized Atchison. “From homes to hospitals, BC depends on its construction industry to get the job done. Now, let’s get this done for the industry.”

BCCA is committed to working with the provincial government to advance the timely implementation of this critical legislation and stand strong for BC’s construction industry. The time for payment certainty in BC is now.  For more information, check out promptpayment.ca.

According to the latest BCCA survey, 91% of construction employers in B.C. reported being paid late for completed work in the past year, and 69% reported not being paid at least once during the same period.

Here’s a breakdown of prompt payment legislation in other provinces:

Ontario

Ontario led the way with the introduction of its Prompt Payment and Adjudication provisions under Bill 142, the Construction Act (effective October 1, 2019). Key features include:

• Mandatory timelines for payment (28 days for owners to pay contractors, 7 days for contractors to pay subcontractors).
• An adjudication process for resolving payment disputes quickly.

Saskatchewan

Saskatchewan implemented Prompt Payment legislation under The Builders’ Lien (Prompt Payment) Amendment Act, effective March 1, 2022. It includes:

• Payment deadlines similar to Ontario’s model (28 days for owners, 7 days for downstream payments).
• Statutory adjudication for dispute resolution.

Alberta

Alberta enacted Prompt Payment legislation through Bill 37, the Builders’ Lien (Prompt Payment) Amendment Act, effective August 29, 2022. Key provisions include:

• 28-day payment deadlines.
• Mandatory adjudication for payment disputes.

Manitoba

Manitoba’s Prompt Payments in the Construction Industry Act came into force on February 1, 2024. It mirrors legislation in other provinces by:

• Establishing timelines for payment.
• Creating an adjudication process for disputes.

Nova Scotia

Nova Scotia introduced Prompt Payment legislation through Bill 37 in 2019, with the regulations fully implemented by December 2024. It incorporates:

• Deadlines for payments within the construction pyramid.
• Adjudication processes.

Quebec

Quebec has proposed Prompt Payment laws and is piloting adjudication processes, although full implementation is still in development as of 2025.

Key Takeaways:

• According to the BCCA survey, 91% of construction employers in B.C. reported being paid late for completed work in the past year, and 69% reported not being paid at least once during the same period.
• The BCCA attributes these issues to the provincial government’s failure to implement Prompt Payment Legislation, which the association says is contributing to increased financial risk on construction projects.
• Payment uncertainty is a primary concern for those in the construction sector, followed by labour shortages and economic instability. These concerns have intensified in early 2025 due to factors such as international tariffs and broader economic conditions.

The Whole Story:

The BC Construction Association (BCCA) is raising red flags regarding new data on payment certainty. BCCA’s newly released spring Stat Pack and Annual BC Construction Industry Survey report found the issue is a top concern, with 91% of employer respondents reporting being paid late at one time this past year for completed work and 69% having not being paid at least once at all for work completed in the past year.

The association stated that B.C. government’s failure to pass Prompt Payment Legislation means critical construction projects carry additional risk and payments are not being made for completed work.

“From tariffs and lack of prompt payment to labour shortages and faltering public sector standards on permits, contracts, and procurement, hard-working British Columbians are struggling with excessive and unnecessary uncertainty,” said Chris Atchison, BCCA President. “The provincial government must deliver on strategies and initiatives that better support construction in BC.”

The group explained that from small to large companies to individual employees, everyone is burdened by this unnecessary uncertainty. They noted that overwhelmingly, people working in construction reported that the lack of payment certainty keeps them up at night, followed by concerns with workforce shortages and economic turbulence. The association added that anxieties have sharpened since the beginning of 2025, as Canada grapples with the Trump administration’s threats and tariffs. B.C. construction is not immune, given 35% of the province’s international imports come from the U.S.

“At a time when supporting domestic and local industries to strengthen our province and economy is more important than ever, payment certainty is absolutely critical,” added Atchison. “Fixing the prompt payment problem will improve cash flow for British Columbians and support contractors in managing their staff, evolving supply chains, and onerous regulatory regimes without taking on extra debt and financial expenses amidst an ongoing cost-of-living crisis. The B.C. Government has the tools to solve this challenge but chooses not to.”

According to the BCCA, construction contributes 10% of B.C.’s GDP annually and will deliver $331 billion in value via major projects to the province over the next few years. They argued that the  industry is one of B.C.’s greatest assets in driving economic growth through a trade war scenario.

Key stats from the latest BCCA Stat Pack:

• Construction is the No. 1 employer in BC’s goods sector.
• BC’s construction industry accounts for 10% of the province’s GDP. A 12% increase over the past 5 years.
• 251,000 people rely directly on BC’s construction industry for a paycheque.
• Number of workers in trades jobs: 191,200
• The number of women in construction trades is 10,133 (5.3%), an increase of over 2,750 over the past year.
• Number of construction companies in BC: 28,096, an increase of over 200 companies over the past year.
• The average yearly wage of BC construction employees is $81,555 an increase of 13% over the past year and 38% over the past 5 years.
• Value of proposed construction projects in BC: $172.5 billion, an increase of 4% since fall 2024.
• The estimated value of current major construction projects underway in BC: $158 billion, a decrease of 7% since fall 2024, and a 41% increase over the past 5 years
• Current job vacancies in BC construction is 11,555
• Number of projected construction jobs in BC that will be unfilled due to labour shortages by 2034: 14,100
• Multi-unit residential construction starts (6 month rolling average): 35,346
• Number of tower cranes currently erected in BC: 400

Telus diving into AI data centers, Graham Group expanding to California, and Miller Electric partnering with Novarc for welding robots. Join our host Russell Hixson as he explores some of the largest business.

Key Takeaways:

• Between 2012 and 2023, nearly 30,000 single-family homes in Metro Vancouver were demolished, and upzoning policies are expected to increase demolitions by 35% over the next decade.
• Research suggests that 20% of these homes could be relocated to non-urban areas, while 40-60% could be deconstructed for material reuse, reducing unnecessary waste.
• Renewal Development and Light House urge municipalities to implement pre-demolition assessments, refundable deposits, and green removal permits to encourage relocation and deconstruction, aligning with sustainability goals.

The Whole Story:

Between 2012 and 2023, 29,888 single family homes were bulldozed in Metro Vancouver to make way for higher density development. According to a report released today, provincial and municipal upzoning policies will contribute to a 35% increase in demolitions over the next ten years.

The report was co-authored by Renewal Development and Light House, leaders in providing sustainable solutions to the construction and development industry. Through their research, they estimate that 20% of homes that are leveled can be rescued and relocated to non-urban centres. Another 40-60% can be deconstructed with the materials salvaged and reused.

“There is still so much life in many of these homes and we are just throwing them away,” says Renewal Development CEO Glyn Lewis. “Municipalities have a social and fiscal responsibility to be part of the solution.”

Renewal Development and Light House are calling on municipalities to enact bylaws to reduce waste and protect affordable housing. Among their recommendations:

• Establish pre-demolition assessment that requires all pre-1970 single-family homes slated for demolition to determine whether the home can be relocated or deconstructed.
• Impose a refundable deposit where relocation or deconstruction is deemed feasible.
• Create a separate ‘green removal’ permit, granting relocation and deconstruction companies adequate time to salvage homes and materials before demolition.

“Metro Vancouver can lead by example by making sure these rules apply to all city-owned buildings,” says Gil Yaron, Light House’s Managing Director of Circular Innovation. “Home relocation and deconstruction is a win-win for municipalities – stimulating local economic activity and helping achieve net zero carbon goals.”

They believe there is precedent for these calls to action:

• The City of Victoria imposes a $19,500 refundable deposit that requires 3.5kg of wood be salvaged per square foot of finished floor space on homes older than 1940.
• Parks Canada requires government-owned buildings slated for demolition to be pre- assessed for building relocation or deconstruction.
• BC Housing requires construction, renovation and demolition waste reduction and diversion from landfills for all projects that receive the majority of funding from BC Housing.

“The demolition first paradigm must end. There are responsible alternatives to conventional demolition, be it home relocation or home deconstruction,” adds Lewis.

Key Takeaways:

• Energy sector CEOs are urging federal political leaders to declare a national energy crisis and use emergency powers to fast-track projects like pipelines and LNG terminals, citing their importance to Canada’s economic sovereignty.
• The executives demand streamlined regulations, the removal of the federal emissions cap, repeal of the carbon levy on large emitters, and support for Indigenous co-investment, arguing these measures are crucial for project approvals and economic growth.
• Conservative leader Pierre Poilievre advocates for eliminating the carbon tax and expediting projects, while Liberal leader Mark Carney supports balanced energy development, emphasizing provincial cooperation and positioning Canada as a leader in both conventional and clean energy.

The Whole Story:

With a federal election on the horizon, a group of energy sector chief executives is urging the leaders of Canada’s four federal political parties to declare a national energy crisis and invoke emergency powers to fast-track critical projects deemed to be in the “national interest.”

In an open letter, CEOs from 10 of the country’s largest oil and natural gas companies, along with the four biggest pipeline operators, presented a plan aimed at bolstering Canadian economic sovereignty.

The executives argue that public support is growing for expanding the energy sector and enhancing infrastructure, such as pipelines and LNG terminals, to boost Canada’s energy exports.

The letter comes amid escalating tensions with the U.S., as President Donald Trump threatens Canadian sovereignty and proposes sweeping tariffs on Canadian goods, including oil and natural gas.

Among their key demands, the energy leaders are calling for streamlined regulations and firm deadlines for project approvals.

Additionally, they’re advocating for the removal of the federal emissions cap, the repeal of the carbon levy on large emitters, and loan guarantees to support Indigenous co-investment opportunities.

Alberta Premier Daneille Smith threw her support behind the group, saying the province’s energy sector has long been the economic engine of Canada and has never been more critical to Canadian sovereignty and prosperity.

“During the last decade of Liberal-NDP government, multiple destructive energy policies have resulted in more than $280 billion dollars in projects being delayed, cancelled or shut in by the proponents,” said Smith. “These are projects that would have created tens of thousands of jobs, generated hundreds of billions in government revenues, secured energy security for Eastern Canada and made our nation less dependent on the United States.”

She said Ottawa’s “elected eco-extremists” have done everything they can to keep our oil and gas in the ground – that has to change now.

“We wholeheartedly support the call by Canada’s energy business leaders to find a new way of getting major projects built. Over the last couple of months, we have seen the discussion around our oil and gas shifting across the country, and these industry leaders have captured this spirit perfectly in their letter to the federal party leaders.

Pierre Poilievre, the Conservative Party leader, has taken a strong pro-energy development stance. He has promised to repeal Bill C-69, which he sees as a hindrance to major project approvals, and pledged to create “Canada Shovel Ready Zones” to expedite the development of various energy and infrastructure projects. Poilievre has also vowed to eliminate the carbon tax entirely, including for large industrial emitters.

Mark Carney, the Liberal Party leader and former Bank of Canada governor, has adopted a more moderate approach to energy policy, marking a shift from his previous climate-focused stance. Upon becoming Prime Minister, Carney cancelled the unpopular carbon tax on consumers.

While expressing support for pipeline construction and energy development, Carney has emphasized the need for provincial agreement, particularly with Quebec, before proceeding with major projects. He aims to position Canada as “an energy superpower in both clean and conventional energy,” attempting to balance economic development with environmental concerns.

Key Takeaways:

• Saskatchewan’s Crown corporations are prioritizing local steel purchases from EVRAZ Steel to support over 400 jobs in Regina, helping safeguard employment amid economic challenges.
• SaskPower secured up to 10,000 tons of steel from EVRAZ—enough for three years of infrastructure projects—demonstrating a long-term commitment to maintaining a resilient local supply chain.
• The initiative not only strengthens Saskatchewan’s economy but also fosters partnerships with local fabricators like Brandt and JNE Welding, contributing to a “made-in-Saskatchewan” solution that boosts the provincial economy and ensures infrastructure reliability.

The Whole Story:

Officials in Saskatchewan are buying steel years in advance to support local steel jobs as tariffs hammer the sector.

Saskatchewan announced that its Crown corporations are purchasing local steel to support local jobs, with thousands of pounds of steel and more than a hundred kilometres of pipe recently procured from EVRAZ Steel. 

“The Government of Saskatchewan will always stand up for Saskatchewan’s interests, focusing on pragmatic and sensible solutions, while protecting our jobs, economy and residents,” Crown Investments Corporation Minister Jeremy Harrison said. “By prioritizing the purchasing of local steel for SaskPower and SaskEnergy infrastructure projects, we are helping to keep over 400 hardworking Saskatchewan people on the job right here in Regina.”

SaskPower has negotiated a purchase of up to 10,000 tons of steel from EVRAZ, or the equivalent of three-years’ worth of steel for the Crown, which is used for the construction of transmission structures and other infrastructure that is critical to maintain Saskatchewan’s power grid.

“EVRAZ Canada has been a proud part of Saskatchewan’s economy for nearly 70 years,” EVRAZ Canada Senior Vice President Don Hunter said. “The commitment we are seeing today from the provincial government is a strong signal that the Government of Saskatchewan recognizes the importance of domestic steel manufacturing—not only for EVRAZ’s workers who depend on it but for the broader economy that benefits from a strong and resilient supply chain.”

Officials stated that the collaboration between SaskPower and EVRAZ, along with steel structure fabricators, Brandt and JNE Welding, will result in a made-in-Saskatchewan solution that will support the provincial economy while ensuring reliable power for residents and businesses. 

“The United Steelworkers have been at the forefront of fighting for our jobs and for our industry,” USW Local 5890 President Mike Day said. “When hearing of commitments like this from the Saskatchewan government, it eases some of the uncertainty our members have been facing. 

“Commitments and investments just like these – to buy Canadian – from all forms of government is what the USW has, and will, continue to advocate for in all Canadian infrastructure projects.”

Currently, EVRAZ is working on an order from SaskEnergy which purchased 125 kilometres of steel pipe through Gateway Tubulars LTD. for the Aspen Power Station project, a new 370-megawatt natural gas power plant near Lanigan. SaskEnergy has procured $79 million from EVRAZ directly or through supplier agreements since 2019.

In the first three quarters of 2024-25, the Crown sector awarded $1.2 billion to Saskatchewan suppliers, including $92 million to Indigenous companies.

Key Takeaways:

• The federal government is providing $2.55 billion in low-cost financing, while the City of Toronto is contributing $234.83 million in financial incentives to build 4,831 rental homes, including at least 1,075 affordable units.
• The funding is part of a broader $7.3 billion federal commitment through the Apartment Construction Loan Program (ACLP), conditional on Ontario’s financial participation. The City is also working toward its goal of 65,000 rent-controlled homes by 2030.
• The federal government is allocating $25.8 million to support Toronto’s encampment response, complementing $400 million from the Province of Ontario. This will fund outreach services, shelter expansions, and Indigenous-led housing initiatives.

The Whole Story:

In a landmark partnership with the City of Toronto, the federal government has announced $2.55 billion in low-cost financing to unlock 4,831 rental homes including a minimum of 1,075 affordable rental homes. The City is also investing approximately $234.83 million in financial incentives such as relief from development charges, fees and property taxes. 

“Every Torontonian deserves an affordable place to call home,” said Mayor Olivia Chow. “Today’s landmark housing agreement will reduce barriers so more than 4,800 homes will be built faster. By working together with our federal partners, we are securing affordable homes in Toronto for generations to come.” 

The financing, delivered through the Apartment Construction Loan Program (ACLP) and administered by the Canada Mortgage and Housing Corporation (CMHC), responds to requests from Toronto City Council that the federal government provide the City with low-cost loans to support the delivery of a range of affordable and purpose-built rental homes. 

The federal government has set aside up to $7.3 billion in ACLP low-cost financing over three years, conditional on securing required financial support from the Government of Ontario. The City has requested the provincial government to partner on expanding the Purpose-built Rental Housing Incentives stream and support more rental homes get built faster.  

Through the newly announced ACLP low-cost loans, the City will be able to advance the delivery of seven rental housing projects that are set to start construction by the end of 2026 and have at least 20% affordable rental homes. This includes several projects approved in December 2024 under the Purpose-Built Rental Housing Incentives stream as well as Housing Now projects that create mixed-used housing on transit-oriented, City-owned land. The financing will support: 

• 1,267 rental homes at Quayside. This complements the recent $975 million federal, provincial and City investment to complete enabling infrastructure to support 14,200 new homes along Toronto’s waterfront at Quayside and Ookwemin Minising.
• 1,226 rental homes at 49 Ontario St.
• 767 rental homes at 50 Wilson Heights Blvd.
• 705 rental homes at 777 Victoria Park Ave.
• 370 rental homes at 250 Wincott Dr.
• 341 rental homes at 26 Gilder Dr.
• 155 rental homes at 3379-3385 Lawrence Ave. E.  

The City says it is committed to working with other orders of government to achieve its 10-year goal of approving 65,000 rent-controlled homes by 2030. This includes 41,000 affordable rental, 6,500 rent-geared-to-income (RGI) and 17,500 rent-controlled homes. More information can be found on the City’s website. 

City officials also reaffirmed continued collaboration with the Government of Canada to address the needs of people experiencing homelessness in Toronto.  

As part of the Unsheltered Homelessness and Encampments Initiative (UHEI), the federal government has committed $25.8 million over two years to support the City’s immediate needs related to encampments. This complements the City’s contribution of $400 million secured through a partnership with the Province of Ontario. 

The City will use this funding to expand outreach work and enhance shelter services that support people to transition from encampments to homes. Planned initiatives include: 

• Leveraging partnerships with health, mental health and addictions services providers to support people with complex needs living in encampments.
• Hiring and training up to 20 additional front-line City staff to support encampments, along with partner agencies to provide additional street outreach. Together, these staff will allow the City to expand the Enhanced Outreach Model, which has seen great success in reducing large encampment sites in the last 18 months by moving people into shelter and housing.
• Supporting Indigenous-led, culturally-appropriate projects that help people from those communities who are disproportionately affected by homelessness. 

In response to rising U.S. tariffs, the City of Toronto has unveiled a new action plan aimed at protecting local businesses and workers, with a particular focus on strengthening Canadian supply chains in the construction sector.

Mayor Olivia Chow, joined by members of the Mayor’s Economic Action Team, announced the City of Toronto United States Tariff Response: A Strategy to Protect Toronto Businesses, Workers and Residents.

The action plan is part of a broader City staff report that outlines measures to mitigate the economic impact of U.S. tariffs, which are set to take effect on April 2 for all Canadian goods. Tariffs on steel, aluminum, and other exports are already in place, posing a significant challenge to Toronto’s economy, which drives 25% of Ontario’s GDP and conducts $123 billion in annual trade with the U.S.

“These trade measures create significant uncertainty for Toronto’s economy,” Mayor Chow said. “We are taking swift action to support our businesses, protect workers, and strengthen our local supply chains.”

Construction sector front and centre

Within the next 30 days, Toronto will implement 10 actions aimed at supporting businesses, including prioritizing Canadian suppliers in City procurement processes to bolster local manufacturing and industrial sectors.

For construction projects, the City plans to partner with regional municipalities and the Province to reduce reliance on U.S.-based suppliers and expand procurement opportunities for Indigenous, Black, and diverse suppliers. Additionally, efforts will be made to find local alternatives for key goods such as construction materials, technology, municipal water equipment, and paramedic supplies.

Procurement Policy Amendments

A major component of the plan involves amendments to the City’s procurement bylaw to give Canadian suppliers priority in competitive bidding processes. Proposed changes include:

• Exclusively awarding new City contracts under $8.8 million for construction to Canadian suppliers.
• Deeming American-based suppliers ineligible to bid on new contracts when it aligns with the City’s best interest.
• Enhancing supplier outreach programs to identify local alternatives for construction-related materials.

These amendments aim to ensure Canadian construction firms are positioned to thrive in the face of increasing U.S. protectionism.

Industrial Property Tax Deferral Program

Recognizing the financial strain on industrial businesses, the City is proposing an Industrial Property Tax Deferral Program. Eligible industrial property owners facing hardship due to tariffs could defer tax payments from June 1 to November 30, 2025, without incurring late fees or interest. The initiative, with an estimated cost of $300,000 to $750,000, is expected to provide much-needed liquidity to companies.

As the plan moves forward, it will be considered by the City’s Executive Committee on March 19, followed by Toronto City Council at the end of the month. The City is also collaborating with the Government of Canada and the Province of Ontario to coordinate efforts under a “Team Canada” approach, ensuring a unified response to U.S. trade policies.

As the trade war between Canada and the U.S. continues to simmer, government is looking to weather the storm by fast-tracking major projects, rethinking shelved ones and ensuring that Canadian companies and workers benefit the most. 

Big spenders: “The government should pay people to dig holes in the ground and then fill them up,” is how John Maynard Keynes, the father of Keynesian Economics put it. He argued that government spending can boost aggregate demand during economic downturns. Infrastructure projects often have a multiplier effect, where initial government spending leads to increased economic activity beyond the initial investment.

Picking up speed: While it’s hard to keep track of the day-to-day trade war updates, it’s safe to say the Canada’s faith in the U.S. as a trade partner and stable ally has been deeply wounded, and officials are looking to make some long-term changes.

• B.C. announced it will fast-track 18 critical mineral and energy projects worth approximately $20 billion in response to the threat of U.S. tariffs
• Alberta Premier Danielle Smith says the tariffs have caused a “sea change” in support for pipelines, including the possibility of an “Energy East 2.0”.
• Quebec Environment Minister Benoit Charette indicated that the government is open to reconsidering TC Energy Corp.’s Energy East pipeline and GNL Quebec’s proposal to build an LNG pipeline and export terminal in the Saguenay region.
• Quebec also says it has plans to accelerate the pace of infrastructure development.

Keeping in Canadian: There’s no point in trying boost the economy with public spending if that money doesn’t reach Canadians. That’s why officials have also been tearing up U.S. contracts and opting for local procurement policies.

• Ontario has banned U.S.-based companies from participating in government procurements as long as U.S. tariffs on Canadian exports are in place.
• Alberta has altered its procurement policies to only purchase goods and services from Canadian companies or countries with honoured free trade agreements with Canada
• The B.C. government and its Crown corporations say they will buy goods and services from Canada and other countries first.
• Industry Canada has been directed to prioritize the funding of projects that use predominantly Canadian steel and aluminum.
• Toronto has proposed procurement changes that would limit construction work under $8.8 million to Canadian companies.

Not our first rodeo: Franklin Delano Rosevelt’s New Deal is one of the most famous North American examples if this kind of policy. But we have some closer to home and in our more recent memory.  

• 2008 financial crisis – The federal government implemented a significant fiscal stimulus package in the 2009 and 2010 budgets, with 40% of it going towards “shovel-ready” infrastructure projects.
• COVID 19 – The government launched various infrastructure initiatives as part of the economic recovery plan. Priorities included seniors’ health care, ex-urban broadband, clean transit, and clean energy projects.

Key Takeaways:

• PSP Investments is making its largest Canadian infrastructure commitment by acquiring a 7.51% stake in the 407 Express Toll Route (407 ETR) for about $2.39 billion, with an additional deferred payment due within 18 months.
• After these transactions, the new ownership breakdown will be Ferrovial at 48.29%, CPP Investments and other institutional investors at 44.20%, and PSP Investments at 7.51%, with AtkinsRéalis exiting as a shareholder.
• PSP Investments aims to leverage its transportation sector expertise to support the long-term stability of the 407 ETR, aligning with its broader infrastructure strategy and strengthening partnerships with CPP Investments and Ferrovial.

The Whole Story:

One of Canada’s largest pension investors is getting into the highway business.

Public Sector Pension Investment Board (PSP Investments) announced that it has entered into agreements to acquire a strategic interest in 407 Express Toll Route (407 ETR), an all-electronic, barrier-free, toll highway spanning 108km in the Greater Toronto Area, from investment management organization Canada Pension Plan Investment Board (CPP Investments).

407 ETR is a privately leased and operated toll highway in Ontario. It is part of Highway 407, which spans the entire Greater Toronto Area (GTA) around the city of Toronto. The 407 ETR specifically refers to the 108.0 km (67.1 mi) segment from Burlington to Pickering

PSP Investments will add this 407 ETR investment to its global portfolio of road assets through the acquisition of a 7.51% stake for a purchase price comprised of approximately $2.39 billion payable at closing, and a deferred payment to be made up to 18 months after closing.

Simultaneously, engineering services and nuclear company AtkinsRéalis will enter into agreements to sell its remaining 6.76% stake in 407 ETR to CPP Investments and Ferrovial, a global infrastructure company. CPP Investments expects to acquire a 1.70% interest in 407 ETR from AtkinsRéalis, on the same basis as the deferred portion of the purchase price paid by PSP Investments. Net proceeds to CPP Investments from all of the applicable transactions are expected to be approximately $2.39 billion for a net 5.81% interest sold after closing.

Following completion of these transactions, ownership control of 407 ETR is expected to be attributed as follows: Ferrovial at 48.29%, CPP Investments and other institutional investors at 44.20%, and PSP Investments at 7.51%. AtkinsRéalis will cease to be a shareholder.

“We are pleased to join CPP Investments and Ferrovial in the 407 ETR ownership group. PSP Investments has deep expertise in the transportation sector and will support the long-term stability and reliability of this critical road that services more than 3 million Canadians each week,” said Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments, PSP Investments. “Our investment in 407 ETR represents our largest infrastructure commitment in Canada to date and exemplifies our broader infrastructure strategy.

James Bryce, Managing Director, Head of Infrastructure, CPP Investments explained that tge transaction enables CPP Investments to optimize returns for CPP contributors and beneficiaries while building stronger ties with valued partners and continuing to own a significant stake in a high-quality business.

“We look forward to partnering with PSP Investments, Ferrovial and the management team, as the 407 ETR continues to deliver excellent service to the millions of individual and business customers who use the highway,” he said.

Here is a timeline of the highway’s history:

• 1994: Design-build contract awarded for initial construction
• 1997: Initial 68 km concrete toll motorway opened in October
• 1999: Ontario government announces privatization of Highway 407
• 2001: 39 km of extensions completed (24 km west, 15 km east), bringing total length to 108 km
• 2011: $35 million lane-widening project completed from Highway 403 to Highway 401 in the west, and from Highway 400 to Highway 401 in the east
• 2012: Construction begins on Highway 407 East project
• 2016: Phase 1 of Highway 407 East opens on June 20, extending 22 km to Harmony Road in Oshawa, including Highway 412
• 2018: Phase 2A opens on January 2, adding 9.6 km extension to Taunton Road
• 2018-2019: Widening project between Markham Road and Brock Road completed
• 2019: Phase 2B opens on December 9, adding 23.3 km extension to Highway 35/115, including Highway 418

Key Takeaways:

• The 25% U.S. tariffs on Canadian steel and aluminum are expected to have devastating effects on workers and communities in both countries, disrupting the industry and threatening jobs.
• Canadian steel producers are urging the government to impose tariffs on unfair imports from countries like China and to prioritize Canadian steel in publicly funded infrastructure projects to strengthen the domestic industry.
• Worker representatives view the tariffs as a direct attack on Canadian jobs and economic sovereignty, demanding wage subsidies, enhanced employment insurance, and strong retaliatory measures to protect workers and the economy.

The Whole Story:

As 25% tariffs go into effect on all Canadian steel and aluminum exported to the U.S., Canada’s industry is starting to feel the pain.

The size and scope of the industry is massive. In 2024, Canada exported approximately $7.1 billion USD worth of steel and $9.4 billion USD worth of aluminum to the U.S., accounting for 23% of total U.S. steel imports and 53% of total U.S. aluminum imports. While steel represents a significant portion of total U.S. imports, the country depends far more on Canadian aluminum to meet domestic demand.

Following the implementation of new U.S. tariffs, Canada swiftly responded by imposing countermeasures. These counter-tariffs, which took effect at midnight on Thursday, targeted $29.8 billion worth of U.S. goods, including steel, aluminum, computers, sports equipment, and cast-iron products.

François-Philippe Champagne, Minister of Innovation, Science and Industry, also directed Industry Canada to prioritize funding of projects that use predominantly Canadian steel and aluminum.

“Canadian steel and aluminum form the basis of North America’s critical infrastructure and manufacturing base, while supporting vital U.S. industries, including defence, shipbuilding and automotive,” said the minister. “They are also essential for securing our collective energy future and generate high-quality jobs on both sides of the border.”

“We will continue to stand strong for Canada, our workers, and our industries.”

Catherine Cobden, President and CEO of the Canadian Steel Producers Association (CSPA) explained that the announcement by President Trump of a 25% tariff on Canadian steel entering the United States has deeply damaged our mutually beneficial trading relationship.

Steel producers call for more industry support

“These tariffs will have devastating repercussions on both sides of the border for workers and communities that rely on a strong North American steel industry,” said Cobden. “Indeed, many are already feeling the impacts.”

Cobden praised Canada’s retaliatory tariffs, as well as ongoing efforts by government to resolve the trade war. However, she remained deeply concerned about the significant disruption and ongoing uncertainty being created by the United States for the industry. To build resiliency and long-term prospects for the sector in Canada, the association called on the government to act with urgency to address long standing concerns. Here’s what they want:

• Enact tariffs on all steel and steel derivatives from China and other known trade offenders to address unfair steel trade in Canada. Cobden said there remains significant levels of dumping and other unfair practices which erode the industry’s ability to compete.
• Asking all municipal, provincial and federal governments to step up and ensure they are prioritizing Canadian steel in all their publicly funded infrastructure projects.

Union says tariffs an ‘industry killer’

Worker representatives emphasized the massive impact the tariffs could have on Canadian jobs.

“These tariffs are nothing less than a potential industry killer,” said Marty Warren, United Steelworkers National Director for Canada. “It’s an economic attack on workers and our economic sovereignty. Trump’s protectionist charade is not about helping American workers but about using them as political pawns while jeopardizing jobs on both sides of the border. Canadian steel and aluminum workers will not be intimidated. We are ready to fight back and we will.”

The new measures, which extend to downstream products containing non-U.S. steel and aluminum, come on top of previous tariffs that have already placed massive strains on Canadian industry. While the existing tariffs are temporarily paused until April 2, if they take effect as planned, these combined tariffs will amount to 75% on steel and 60% on aluminum.

“This is a serious escalation in an unnecessary trade war with a trusted ally, and jobs and communities on both sides of the border hang in the balance,” said USW International President David McCall. “USW members across North America work together. We also fight together. And when it comes to beating back ill-advised trade policy that hurts us all, we will win together.”

He called on Canada to institute wage subsidies and enhanced employment insurance. He also stressed the importance of prioritizing domestic procurement and hit back at the U.S. with retaliatory tariffs on key industries.

“This isn’t just about steel and aluminum – this is about protecting Canada’s economy, its workers and its sovereignty,” Warren said. “We will not stand by while Trump uses our jobs as bargaining chips in his political game. Steelworkers will fight back on the shop floor, in the halls of government and in the streets if necessary.”

Steel tariff deja vu

During his first term as president, Donald Trump initiated a significant trade dispute with Canada over steel and aluminum imports. In March 2018, Trump imposed tariffs of 25% on steel and 10% on aluminum imports from most countries, including Canada. These tariffs were implemented under the justification of national security concerns. The dispute continued for about a year, affecting various industries and causing economic uncertainty on both sides of the border. In May 2019, nearly a year after the tariffs were implemented, the U.S., Canada, and Mexico reached an agreement to remove the tariffs and ultimately paved the way for the ratification of the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA).