Category: Economy

Key Takeaways:

• B.C. developers and construction groups are urging Ottawa and Victoria to ease foreign homebuyer restrictions, saying the policies are deepening the industry slowdown and threatening housing supply and jobs.
• Housing starts in B.C. have fallen sharply, with March 2025 starts down 50% year-over-year, and multi-family starts down 22% in B.C. and 29% in Ontario.
• The coalition wants Canada to adopt an Australian-style model, where foreign buyers are barred from existing homes but allowed to purchase newly built units to help projects meet financing and pre-sale thresholds.

The Whole Story:

A coalition of developers, builders and industry groups is calling on federal and British Columbia officials to relax foreign homebuyer restrictions, warning the policies are worsening an industry slowdown and jeopardizing housing supply and jobs.

In an open letter dated July 29, addressed to Prime Minister Mark Carney, federal housing minister Gregor Robertson and B.C. Premier David Eby, more than two dozen signatories — including Beedie, Polygon, Westbank, Intracorp and the Independent Contractors and Businesses Association (ICBA) — argue the national ban on foreign homebuyers and B.C.’s provincial tax are stalling new projects at a time when the province faces a deepening housing shortage.

The group says B.C.’s real estate and construction sectors together contributed $93 billion to provincial GDP in 2023 — roughly 29% of the total economy — but housing starts are plummeting. The letter cites a 50% drop in March housing starts year-over-year, from 4,867 in March 2024 to 2,379 in March 2025, with multi-family starts down 22% in B.C. and 29% in Ontario.

While non-residents own roughly 1% of Canadian homes, foreign investors account for about 10% of newly built condos nationwide, the group says, often providing the pre-sale commitments developers need to secure financing and launch construction. Without that demand, the letter argues, fewer projects will meet pre-sale thresholds, delaying or cancelling new builds and ultimately reducing housing supply.

The coalition is urging Ottawa and Victoria to follow Australia’s example, where foreign ownership of existing homes is restricted but investment in newly constructed homes and pre-sales remains permitted. They argue this approach would protect local buyers in the resale market while sustaining construction activity.

“We are hopeful your government returns foreign home ownership and investment into British Columbia’s leading economic sector, 16 months ahead of schedule,” the letter says.

The federal foreign buyer ban, introduced in 2023 and extended in 2024, is currently set to remain in place until the start of 2027.

Chrystia Freeland, the former Deputy Prime Minister and Finance Minister, said in 2024 that foreign money “has been coming into Canada to buy up residential real estate, increasing housing affordability concerns in cities across the country,” and that extending the ban is part of “using all possible tools to make housing more affordable.”

Key Takeaways:

• U.S. raises anti-dumping duties on Canadian softwood lumber to 20.56%, drawing sharp criticism from B.C. officials and industry leaders who say the move threatens jobs and economic stability.
• B.C. Forests Minister Ravi Parmar and COFI condemned the tariffs, with Parmar blaming Donald Trump and COFI urging immediate provincial action to restore harvest levels and keep mills operating.
• The forestry sector is calling for urgent reforms, including fast-tracking permits, increasing timber sales, and improving coordination with First Nations to stabilize and strengthen the industry at home.

The Whole Story:

The United States has sharply increased anti-dumping duties on Canadian softwood lumber to 20.56%, escalating a long-standing trade dispute and prompting fierce condemnation from British Columbia’s government and forestry sector.

The U.S. Department of Commerce’s final decision, announced this week, more than doubles the previous anti-dumping duty rate of 7.66% for most Canadian producers. Additional countervailing duties are expected to follow, potentially pushing total tariffs above 30%.

B.C. Forests Minister Ravi Parmar blasted the move as a direct attack on working families and accused former U.S. president Donald Trump of undermining Canada’s economy.

“U.S. President Donald Trump has made it his mission to destroy Canada’s economy, and the forestry sector is feeling the full weight of this,” Parmar said in a statement. “We will not stand by while Donald Trump tries to rip paycheques out of the hands of hard-working people in B.C.”

Parmar said Premier David Eby is coordinating with federal and provincial counterparts on a national response. B.C. has also reactivated its Softwood Lumber Advisory Council and appointed former deputy minister Don Wright as a strategic advisor to guide the province’s strategy.

The BC Council of Forest Industries (COFI) also condemned the U.S. decision, calling it “unjustified and punitive.”

“These trade actions continue to harm workers, families, and communities across British Columbia and Canada—and have gone unresolved for far too long,” COFI said in a statement. “We call on the Government of Canada to make resolution of the softwood lumber dispute a top national priority. But this latest escalation also underscores a hard truth: we cannot wait for the U.S. to act.”

COFI urged the provincial government to urgently strengthen the conditions for domestic success by treating forestry as a major project, with a goal of restoring harvest levels to 45 million cubic metres. That includes fast-tracking permits, releasing ready-to-sell BC Timber Sales volumes, expanding salvage and thinning operations, and supporting First Nations in expediting land use decisions.

“The best way to support forest workers is to keep mills operating and people working,” the council stated. “We want to retain forestry workers, not retrain them.”

Canada has long denied that its producers are unfairly subsidized and is expected to challenge the U.S. decision through international trade bodies, including the World Trade Organization and the Canada-U.S.-Mexico Agreement dispute resolution mechanisms.

Meanwhile, B.C.’s forest sector continues to grapple with additional pressures, including declining timber supply, wildfires, mill closures, and complex permitting delays. Parmar said the province remains committed to building a more sustainable and resilient forest economy.

“This is about more than lumber — it’s about people and place,” he said.

Canada’s mining sector is in the midst of a transformative boom, with record investments powering some of the largest construction projects ever undertaken in the country. As global demand accelerates for critical minerals—nickel, copper, potash, lithium, and more—Canadian mining companies and their construction partners are advancing multi-billion dollar projects from coast to coast. The past year has seen major groundbreakings, timely completions, and crucial permitting milestones, reflecting Canada’s central role in the future of clean energy, advanced manufacturing, and sustainable resource development.

BHP Jansen Potash Project – Saskatchewan ($14 Billion)

Led by BHP, the Jansen project represents the world’s largest potash mine under construction and Canada’s biggest private sector investment. Located 140 kilometers east of Saskatoon, this massive development will produce 8.5 million tonnes of potash annually once fully operational. The project has faced cost overruns, with Stage 1 now estimated at $7-7.4 billion compared to the original $5.7 billion. Key partners include Worley, for construction services including fabrication, modularization, and field construction programs. BHP is also working with George Gordon First Nations to provide socio-economic benefits and Indigenous participation.

Seabridge Gold KSM Project – B.C. ($7.2B+)

The Kerr-Sulphurets-Mitchell (KSM) Project is one of the world’s largest undeveloped gold projects, containing 47.3 million ounces of gold and 7.3 billion pounds of copper in proven and probable reserves. Located in BC’s Golden Triangle, the project has a 50+ year mine life and has received environmental assessment approval. Seabridge has invested over $997 million in exploration, engineering, and environmental work since 2001. The company received “substantially started” status in July 2024, allowing the environmental certificate to remain valid permanently.

Vale Voisey’s Bay Expansion – Newfoundland and Labrador ($4B)

Completed late last year, this major project transitioned Voisey’s Bay from open pit to underground mining, developing two underground mines (Reid Brook and Eastern Deeps). The expansion, advanced by Vale Base Metals, increases nickel production to 45,000 tonnes per year, plus 20,000 tonnes of copper and 2,600 tonnes of cobalt annually. The project represents one of the largest mining investments in recent Canadian history and will supply critical minerals to global markets, including defense manufacturing and battery electric vehicles. Employment at Voisey’s Bay increased to 1,100 direct employees from 600 pre-expansion. Full project ramp-up is expected next year.

Teck Highland Valley Copper Mine Life Extension – B.C. ($2.1-2.4B)

Teck Resources’ Highland Valley Copper expansion, approved in July 2025 at a cost of $2.1–2.4 billion, extends BC’s biggest copper mine’s life to 2046, supporting 1,500 permanent jobs and generating 2,900 construction jobs while greatly increasing copper output to 132,000 tonnes a year. Permitting is complete and engineering is well advanced, with construction starting August 2025.

Canada Nickel Crawford Project – Ontario ($3.375B)

Canada Nickel’s $3.375 billion Crawford Project, located near Timmins, is set to be among the world’s largest new nickel producers, having wrapped up front-end engineering in 2025 and now awaiting its final permits. With engineering and construction support from Mattagami First Nation and major financial partners, the mine will also require extensive rail and highway building.

Generation Mining Marathon Project – Ontario ($1.445B)

Generation Mining’s $1.445 billion Marathon Palladium-Copper Project, northwest of Thunder Bay, is fully permitted and seeking financing after final provincial approval in spring 2025. Set to yield over 2.12 million ounces of palladium and 517 million pounds of copper over 13 years, it’s expected to break ground in 2025.

Wyloo Metals Eagle’s Nest Project – Ontario ($822M)

Wyloo Metals is progressing the Eagle’s Nest nickel-copper-PGM project in Ontario’s Ring of Fire, with costs estimated at $822 million (up from the earlier $609 million USD feasibility study). Construction is planned for 2027, pending the completion of vital access roads, and includes a proposed downstream processing facility in Sudbury.

Alamos Lynn Lake Gold Project – Manitoba ($853M)

Alamos Gold’s Lynn Lake project—at $853 million—will be the largest new mine launched in Manitoba since 2014. Construction will start in 2025, producing an average of 176,000 ounces of gold per year from two open pits, with Stantec as the primary environmental engineering services partner.

Artemis Gold Blackwater Mine – British Columbia ($730–750M)

Artemis Gold’s Blackwater Mine, southwest of Prince George, reached commercial production in May 2025 after a rapid 22-month build costing around $750 million. Sedgman Canada led much of the construction, with the project notable for Indigenous participation and an impressive safety performance.

Rio Tinto Complexe Jonquière Aluminum Expansion – Quebec ($1.1B)

Rio Tinto’s $1.1 billion expansion at Complexe Jonquière (Saguenay) will increase aluminum smelter capacity by 160,000 tonnes. Currently under construction with AtkinsRéalis and GE Vernova as key contractors, the project creates up to 1,000 construction jobs, supported by $113 million from the Quebec government.

Key Takeaways:

• Teck Resources will invest between $2.1 and $2.4 billion to extend the life of Highland Valley Copper in B.C., keeping Canada’s largest copper mine operating until 2046.
• The project will sustain about 1,500 existing jobs, create 2,900 construction jobs, and generate roughly $935 million in GDP during construction and ongoing operations.
• Indigenous governments, including the Citxw Nlaka’pamux Assembly, will play a central role in oversight and decision-making, setting a new precedent for major project development in Canada.

The Whole Story:

Teck Resources Ltd. says it will spend up to $2.4 billion to extend the life of British Columbia’s Highland Valley Copper mine, a move that will keep Canada’s largest copper operation running until 2046 and support thousands of jobs in the province.

The Highland Valley Copper Mine Life Extension project, approved by Teck’s board this week, will extend production by nearly two decades and is billed as the largest critical minerals investment in B.C.’s history. The mine, which employs about 1,500 people and contributes roughly $500 million annually to provincial GDP, is expected to maintain those operations while creating an additional 2,900 jobs and $435 million in GDP during construction.

“This extension of Canada’s largest copper mine is foundational to our strategy to double copper production by the end of the decade,” said Jonathan Price, Teck’s president and CEO. “With strong demand for copper as an energy transition metal, this project will secure access to this critical mineral for the next two decades and continue the economic and community benefits Highland Valley Copper brings.”

Teck says the mine will produce an average of 132,000 tonnes of copper annually over the life of the project. Construction is set to begin in August, with engineering nearly 70 per cent complete and major permits already secured. The capital investment, expected between $2.1 and $2.4 billion, will cover infrastructure upgrades, mine fleet expansion, grinding circuit improvements, and enhanced power, water and tailings facilities.

B.C. Premier David Eby called the expansion a major boost for the provincial economy. “This multi-billion dollar project represents 2,900 new jobs and a $500 million increase to GDP,” he said. “It’s just one example of how British Columbia can drive our country’s economy forward even in challenging times.”

Indigenous leaders say the project reflects a new model for development. Christine Walkem, chair of the Citxw Nlaka’pamux Assembly and chief of the Cook’s Ferry Indian Band, said the eight participating bands have embedded their laws and governance into the project’s environmental assessment and oversight. “Our communities are not bystanders to development — we are decision-makers,” she said. “Our laws must continue to guide the process, and our people must share in the benefits now and for generations to come.”

The federal government also hailed the investment as a way to solidify Canada’s role as a global supplier of critical minerals. “By extending the life of Canada’s largest copper mine, we are strengthening our critical minerals sector here at home and becoming the international supplier of choice,” said Tim Hodgson, minister of energy and natural resources.

The Highland Valley Copper operation, wholly owned by Teck, will move through three mining phases, starting with existing pits through 2027, followed by development of satellite orebodies and a major pushback of the Valley pit between 2028 and 2033, before transitioning to high-grade ore from the Valley pit through 2046.

Teck says capital spending will be staged from the second half of 2025 through 2028, with detailed production and spending guidance to be updated in January 2026.

Canderel acquires Taligent

Canderel, one of Canada’s largest property managers and developers, has acquired Taligent, a building technology infrastructure and systems integration consulting leader. The strategic acquisition enhances Canderel’s ability to deliver technology-forward solutions across its national portfolio, adding expertise in smart building integration, multimedia systems, IT networks, and digital infrastructure. Taligent’s approximately 50 employees will continue operating under their existing brand while benefiting from Canderel’s scale and multidisciplinary capabilities, strengthening the company’s end-to-end real estate solutions platform.

Seaspan and Algoma Steel MOU

Seaspan has signed a memorandum of understanding with Algoma Steel to explore opportunities for collaboration in marine transportation and logistics services. The partnership aims to leverage Seaspan’s extensive marine capabilities and Algoma Steel’s steel production expertise to enhance supply chain efficiency and support Canada’s industrial sector. The strategic alliance represents a significant step toward strengthening domestic steel transportation networks and fostering innovation in marine logistics solutions across the Great Lakes region.

Maple Reinders sells AIM to Convertus Canada

Maple Reinders Group has completed the sale of its majority-owned subsidiary AIM Group Ltd. to Convertus Canada, a full-cycle organic waste treatment provider. The strategic divestiture marks a significant milestone for Maple Reinders, which had partnered with AIM for over two decades to deliver advanced environmental solutions across Canada. Together, the companies designed, built, operated and maintained more municipal organics facilities than any other firm in Canada, processing approximately 10% of the country’s residential organics waste.

DIALOG merges with RPK in Edmonton

DIALOG and Rockliff Pierzchajlo Kroman Architects have merged their design teams in Edmonton. The strategic consolidation brings together two established firms to strengthen their collective capabilities in the Alberta market. The merger combines DIALOG’s multidisciplinary expertise with Rockliff Pierzchajlo Kroman’s architectural specialization, positioning the unified team to better serve the region’s growing infrastructure and development needs while maintaining both firms’ commitment to innovative design solutions.

Allies and Morrison opens Toronto studio

Allies and Morrison, a UK-based urban design firm, has opened its first Canadian studio in Toronto after nearly a decade of working in the country. Led by Partner Angie Jim Osman and supported by Partner Alfredo Caraballo, the new office will build on the firm’s established Canadian portfolio including projects like Beltline Yards, 2150 Lake Shore, and Ookwemin Minising. The Toronto studio, located at 517 Wellington Street West, will be staffed by Directors Neil Shaughnessy and Ross Carter-Wingrove, combining international expertise with local market knowledge to deliver high-density neighbourhood developments.

Brookfield acquires Shangri‑La Vancouver

Brookfield Asset Management has acquired the Shangri-La Vancouver hotel from developers Westbank and Peterson for an estimated $150-200 million. The 119-room luxury hotel, located within a 62-storey mixed-use tower in downtown Vancouver, is being rebranded as Hyatt Vancouver Downtown Alberni and will undergo a multi-million-dollar renovation before becoming the city’s first Park Hyatt in 2026. The acquisition includes both the hotel and retail parcels, with the property continuing operations throughout the transition.

Brandt becomes John Deere dealer in Australia

Regina-headquartered Brandt has been appointed as the new Deere Construction and Forestry dealer across three Australian states—Victoria, South Australia, and Tasmania—effective August 1. The Saskatchewan-based company, which began with a single John Deere construction dealership in 1992, now operates the world’s largest John Deere dealer group with 56 stores in Canada and 13 in New Zealand’s north island. Brandt first entered the Australian market in 2021 and has since invested in local agriculture, golf, and compact construction equipment dealership networks.

Northstar Clean secures EDC LOI

Northstar Clean Technologies Inc. has received a non-binding Letter of Interest from Export Development Canada for potential financial support of up to C$12.5 million for its first planned asphalt shingle reprocessing facility in the United States, with potential funding for three additional facilities. The project financing would support Northstar’s expansion into the U.S. market, where the company plans to reprocess discarded asphalt shingles into reusable components including liquid asphalt, aggregate, and fiber, addressing waste management while creating valuable construction materials.

CGC Inc. to Acquire Imperial Building Products

CGC Inc., a leading Canadian manufacturer of gypsum-based building materials, has entered into a definitive agreement to acquire Imperial Building Products Ltd. (IBP), a manufacturer of steel framing components and drywall accessories. Based in Richibucto, New Brunswick, IBP operates five manufacturing facilities across Canada and specializes in steel framing, drywall trims, and proprietary structural solutions. The acquisition expands CGC’s product portfolio and strengthens its national supply chain, positioning the company as a comprehensive building solutions provider while supporting Canada’s housing and infrastructure development goals.

Englobe Acquires Cambium Inc.

Englobe Corp. has announced its acquisition of Cambium Inc., a specialized environmental consulting firm based in British Columbia. The acquisition strengthens Englobe’s environmental services capabilities on Canada’s West Coast, adding Cambium’s expertise in environmental assessment, remediation, and regulatory compliance to its national portfolio. Cambium brings established client relationships and technical expertise in contaminated site assessment and remediation, complementing Englobe’s existing environmental consulting services across Canada.

MacLean and Sika strategic partnership

MacLean Engineering and Sika have announced a strategic collaboration targeting the underground mining and civil construction sectors. The partnership combines MacLean’s shotcrete spraying equipment and advanced technology offerings with Sika’s complementary product lines, focusing on shotcrete application, chemical admixtures, and system integration.

Ontario prefab builder raises funds

CABN, a Canadian prefabricated home builder, has secured a strategic investment round led by Active Impact Investments to expand its Brockville, Ont., manufacturing facility and scale production of net-zero residential and commercial buildings. The funding will support robotics, 3D LiDAR, and a patent-pending wood scanning technology aimed at boosting output and reducing waste, enabling the plant to produce 552,000 square feet of sustainable housing annually.

U.S. REIT launches Canadian IPO

GO Residential REIT, a U.S.-based owner of five luxury rental towers in Manhattan, is launching a US$410-million IPO on the Toronto Stock Exchange, potentially growing to US$500 million with cornerstone investor Cohen & Steers. Co-founded by Joshua Gotlib and Meyer Orbach, the REIT aims to use proceeds to reduce its high debt load and is targeting a US$2.225-billion enterprise value.

SolarBank rebrands to PowerBank

SolarBank Corporation will rebrand as PowerBank Corporation on July 28, 2025, to reflect its broader focus on power and energy solutions beyond solar, while retaining its existing stock symbols on NASDAQ, Cboe Canada, and the Frankfurt Stock Exchange. The name change, approved by shareholders, will not affect the company’s share structure, rights, or outstanding certificates, and requires no action from investors. Trading under the new name will begin on the effective date, when the company’s website will transition to www.powerbankcorp.com.

Key Takeaways:

• Osisko Development has secured US$450 million in financing from Appian Capital Advisory to advance its fully permitted Cariboo Gold Project in British Columbia.
• An initial US$100 million draw will support early construction activities, repay existing debt, and fund infill drilling and underground development.
• Appian receives 5.6 million warrants as part of the deal, signaling a long-term strategic partnership and confidence in the project’s potential.

The Whole Story:

Osisko Development Corp. has secured a US$450-million project loan from Appian Capital Advisory to fund development of its Cariboo Gold Project in central British Columbia.

The financing includes an initial US$100-million draw that will support early construction activities, repay a US$25-million term loan with National Bank of Canada, and fund infill drilling, detailed engineering and underground development. The remaining US$350 million is available in additional tranches over the next three years, contingent on key project milestones and approvals.

The credit facility marks a major step forward for the Montreal-based gold developer, which aims to advance the fully permitted, 100%-owned Cariboo project toward production. Osisko Development said the funding provides the financial flexibility to maintain momentum as it works toward a formal construction decision.

“This is a significant endorsement of the Cariboo Gold Project and a major milestone in advancing it towards a construction decision,” said Osisko CEO Sean Roosen. “Appian is the leading investor in the mining space and has a successful track record of identifying and supporting the development of high-quality assets.”

Appian, a London-based private capital fund focused on the mining sector, described Cariboo as a strong fit with its investment strategy. “It is situated in a stable jurisdiction, boasts a robust existing minerals base with clear upside potential, and is being led by an experienced management team,” said Appian founder and CEO Michael Scherb.

The loan is structured as a senior secured facility through Osisko’s wholly owned subsidiary, Barkerville Gold Mines Ltd. It matures in 2033, or in 2028 if Osisko does not access any of the follow-up tranches. Interest on the initial draw is set at SOFR plus 9.5%, with partial payment-in-kind options available in the first year. Later draws will be charged at a lower rate.

As part of the deal, Appian will receive 5.6 million non-transferrable warrants to purchase Osisko common shares at $4.43, exercisable over the next three years.

Advisors on the deal included GenCap Mining Advisory, Maxit Capital LP, Bennett Jones LLP and Torys LLP.

The Cariboo project is Osisko’s flagship asset, located in a historic gold mining camp in B.C.’s interior. The company also holds projects in Utah and Mexico.

Key Takeaways:

• Ontario has signed memorandums of understanding with British Columbia and the three territories to reduce trade barriers, streamline labour mobility and boost interprovincial commerce.
• The deals make Ontario the first province to secure internal trade agreements with 10 provinces and territories, building on legislation to strengthen cross-country commerce and resist U.S. trade pressures.
• Leaders say the agreements will cut costs for businesses, open new opportunities for workers and connect northern and western markets more closely to the rest of Canada’s economy.

The Whole Story:

Ontario has signed new agreements with British Columbia and Canada’s three territories to reduce trade barriers, improve labour mobility and strengthen economic cooperation, Premier Doug Ford announced Monday.

The two memorandums of understanding, signed alongside B.C. Premier David Eby, Yukon Premier Mike Pemberton, Northwest Territories Premier R.J. Simpson and Nunavut Premier P.J. Akeeagok, are aimed at cutting red tape, lowering business costs and creating freer movement for skilled workers.

“With President Trump’s ongoing threats to our economy, there’s never been a more important time to boost internal trade to build a more competitive, resilient and self-reliant economy,” Ford said. “By signing these MOUs and working together, we’re helping Canada unlock up to $200 billion in economic potential and standing shoulder to shoulder to protect Canadian workers across the country.”

The agreements make Ontario the first province to secure internal trade deals with 10 provinces and territories. The government says the deals build on its recent Protect Ontario Through Free Trade Within Canada Act, which reinforces the province’s ability to expand cross-country commerce and shield its economy from U.S. trade actions. Ontario remains the only jurisdiction to eliminate all party-specific exceptions under the Canadian Free Trade Agreement.

Eby said the B.C. agreement would benefit more than half of Canada’s population by opening economic pathways between the provinces, while the three northern premiers highlighted opportunities for greater connectivity, streamlined certification and new business prospects across the territories.

Ford is hosting Canada’s premiers and their delegations this week for the Council of the Federation’s summer meeting in Toronto.

Key Takeaways:

• Manitoba and Saskatchewan have signed a five‑year deal with Arctic Gateway Group to expand the Port of Churchill and boost exports of Prairie commodities such as grain, minerals and energy.
• The agreement will see investments in port and rail upgrades, a longer Hudson Bay shipping season, and federal funding efforts to improve northern trade connectivity.
• The deal is positioned as a step toward diversifying Canada’s trade routes, strengthening Arctic sovereignty, and generating benefits for Indigenous and northern ownership communities.

The Whole Story:

Manitoba and Saskatchewan have signed a five-year agreement with Arctic Gateway Group to expand infrastructure and boost exports through the Port of Churchill, Canada’s only deepwater Arctic port.

The memorandum of understanding, announced Tuesday by premiers Wab Kinew and Scott Moe at the Council of the Federation’s summer meeting, aims to transform Churchill into a key trade corridor for Prairie commodities such as grain, minerals and energy.

Under the deal, Arctic Gateway Group will invest in port and rail upgrades and work to lengthen the Hudson Bay shipping season. Saskatchewan will engage commodity producers and exporters through its trade offices and industry networks, while Manitoba will lead efforts to secure federal funding and regulatory support to improve northern connectivity.

“Churchill presents huge opportunities when it comes to mining, agriculture and energy,” Kinew said. “Through this agreement with AGG and Saskatchewan, we are going to unlock new opportunities for businesses in Manitoba and Saskatchewan to get goods to market.”

Moe said streamlining access to Churchill will help Prairie exporters reach new and emerging international markets, while AGG CEO Chris Avery called the agreement a “clear signal” that the Arctic corridor will play a central role in Canada’s trade and transportation strategy.

The partnership, which includes annual progress reviews, is also framed as a boost to Arctic sovereignty and reconciliation, with profits from the port returning to AGG’s Indigenous and northern ownership communities.

Key Takeaways:

• CMHC estimates eliminating interprovincial trade barriers could add over 30,000 housing starts annually, helping to close Canada’s supply gap.
• Household incomes could rise by 6%, with rents increasing only half as much, easing rental market pressure.
• Transportation costs, not regulation, are the main obstacle to cross-province construction material trade—prompting calls for infrastructure investment.

The Whole Story:

Could removing interprovincial trade barriers boost Canadian housing starts by 30,000 units?

New modelling by the Canada Mortgage and Housing Corporation thinks so.

The federal housing agency says that number could push annual housing starts close to 280,000, helping to narrow Canada’s housing supply gap and improving access to homeownership and rentals over time.

CMHC’s analysis follows a major shift on Canada Day, when the federal government significantly reduced internal trade barriers. Several provinces — including Nova Scotia, Prince Edward Island, Quebec, Ontario, Manitoba, Alberta and British Columbia — have also moved to cut red tape through new legislation or interprovincial agreements.

The agency says reducing these barriers could improve economic productivity, raise household incomes by about six per cent, and lead to 300,000 more households initially gaining access to homeownership. By 2035, that number is expected to level off to around 150,000 as increased demand pushes prices upward. Meanwhile, about the same number of rental units could become available to tenants upgrading their housing situation.

Still, CMHC notes that boosting supply alone may not make homeownership more affordable without addressing other bottlenecks, particularly in transportation. A Statistics Canada survey found nearly half of construction firms cite high transportation costs or long distances as the main reasons they don’t buy materials across provincial lines.

“Canada has ample domestic production of wood, aluminum, iron and steel,” the agency said, pointing to the country’s position as a net exporter of those core construction materials. “But unless we improve west-to-east transportation infrastructure — including rail, highways and remote seaports — these trade reforms won’t reach their full potential.”

While concrete, cement and machinery still rely heavily on imports, CMHC says better use of Canadian-made construction inputs combined with interprovincial trade liberalization could help meet the estimated housing supply needed to restore affordability to pre-pandemic levels over the next decade.

The agency characterized recent legislative moves as a nation-building opportunity, calling for long-term investment in domestic infrastructure to fully realize the economic and housing benefits of a more integrated Canadian market.

Key Takeaways:

• Canada is tightening steel import rules by expanding tariff rate quotas and imposing a 25% surtax on steel products containing Chinese steel, aiming to protect the domestic market from cheap foreign imports and trade circumvention.
• The federal government is investing over $1.5 billion through various programs—including the Strategic Innovation Fund, worker retraining, and small business financing—to help modernize the industry, support job retention, and boost competitiveness.
• Federal procurement rules will now require contractors to use Canadian-made steel whenever possible, reinforcing demand for domestic production and discouraging reliance on foreign suppliers.

The Whole Story:

The federal government is rolling out a sweeping package of trade measures and financial supports aimed at protecting Canada’s steel industry from foreign competition, surging imports, and U.S. tariffs.

With more than half of Canada’s steel exports heading to the U.S. and growing volumes of low-cost foreign steel threatening to flood domestic markets, the federal government says it’s acting to ensure the long-term strength of a sector it describes as vital to infrastructure, manufacturing and the clean economy.

Tariff measures to curb steel dumping

Starting August 1, Canada will expand its use of tariff rate quotas (TRQs)—which allow a set amount of steel imports at a lower tariff—to include countries with free trade agreements, excluding the U.S. and Mexico. Any imports above 2024 levels from these countries will face a 50 per cent surtax. Countries without a trade agreement with Canada will see their duty-free quotas halved, with the same surtax applied to volumes above that threshold.

In addition, a 25 per cent surtax will be imposed on steel imports from all countries (except the U.S.) that contain steel melted and poured in China, aimed at preventing trade circumvention and increasing transparency.

Billions in funding for innovation and stability

The federal government will invest up to $1 billion through the Strategic Innovation Fund to help steel companies modernize operations, pivot to new products, and strengthen domestic supply chains. The support is intended to boost competitiveness in defence and strategic sectors, and to encourage the development of steel products not currently made in Canada.

Another $70 million will be allocated through Labour Market Development Agreements over three years to retrain and reskill up to 10,000 steelworkers, with programs tailored in partnership with provinces, employers, and unions.

Support for businesses large and small

For small and medium-sized steel firms, the government is launching the Pivot to Grow fund, a $500 million program through the Business Development Bank of Canada offering flexible financing to help companies explore new markets and improve productivity.

Larger firms will benefit from changes to the Large Enterprise Tariff Loan Facility, originally announced in March. The $10 billion facility’s lending terms will be eased, including lower interest rates and smaller loan minimums, to make it more accessible to steel producers.

Additionally, up to $150 million of a previously announced $450 million Regional Tariff Response Initiative will be earmarked for steel sector SMEs impacted by tariffs.

Canadian content in procurement

The government also announced that federal contractors will be required to use Canadian-made steel wherever possible. Exceptions will only be granted in writing if the needed product is unavailable domestically or would significantly raise costs or cause unacceptable delays.

“Canada needs steel to build homes, transit, bridges—and the clean economy of tomorrow,” the Department of Finance said in a statement. “These measures will help ensure our industry is ready to meet that demand.”

Steel holds up our bridges, buildings, and even the fantasy worlds of tabletop games — but behind every strong structure is a story of craftsmanship, innovation, and grit. In SiteNew’s latest video, we spotlight some of Canada’s top steel producers — from century-old legacy companies to family-run success stories — who are shaping the backbone of the nation’s infrastructure.

Join SiteNews Editor Russell Hixson as he trades in his Dungeons & Dragons dice for a deep dive into the real-world steel scene. You’ll learn about the origins and evolution of companies like Algoma Steel, Stelco, Canam, LMS Reinforcing Steel, George Third & Son, Walters Group, and Solid Rock Steel.

From massive bridges to cutting-edge architectural marvels, these firms are proving that the blacksmith’s hammer is alive and well — it just looks a little different today.

Key Takeaways:

• The B.C. government has doubled the protection period from 12 to 24 months for eligible Metro Vancouver projects, helping developers avoid sudden cost increases and freeing up capital to keep housing builds on track.
• The move comes amid rising construction costs, slower presales, and layoffs across the development sector, with builders warning that financial uncertainty is putting many projects at risk.
• The change supports access to $250 million in federal infrastructure funding and complements other provincial measures, such as deferred development fees, aimed at boosting housing supply during a period of economic volatility.

The Whole Story:

The B.C. government has moved to give homebuilders in Metro Vancouver more financial certainty, extending the length of time projects are protected from increases to regional development cost charges (DCCs). The change comes as developers across Canada face increasing financial strain, rising construction costs, and a series of high-profile layoffs.

Under the new rules, eligible residential and commercial projects will be shielded from DCC hikes for 24 months—double the previous 12-month window. The province says this could free up hundreds of millions in capital, helping builders advance housing projects that might otherwise be stalled or cancelled.

“There’s no question that global financial uncertainty and rising costs of goods and skilled labour have challenged the housing market in cities all over the world,” said Ravi Kahlon, B.C.’s Minister of Housing and Municipal Affairs. “That’s why we’re taking more steps to ensure major housing projects in our biggest region have the financial certainty they need to succeed.”

The move follows warnings from the Urban Development Institute and major homebuilders that escalating fees and volatile costs are threatening the viability of housing projects. In recent months, some developers—citing construction cost pressures and slower presales—have laid off staff and put projects on hold. The Fraser Institute and other analysts have pointed to a broader productivity slump in the sector, adding urgency to policy relief efforts.

The DCC rate freeze supports Metro Vancouver’s eligibility for $250 million in federal infrastructure funding and will apply to development cost bylaws governing water, wastewater treatment and regional parks. Officials say it allows the region to continue upgrading critical infrastructure without pushing costs onto future homeowners.

“This change reflects the realities of today’s development environment,” said Anne McMullin, president and CEO of the Urban Development Institute. “Without it, many projects would not have been able to proceed.”

The change builds on recent provincial reforms allowing builders across B.C. to defer 75% of certain development fees for up to four years or until occupancy, part of a broader effort to reduce the cost of delivering new homes.

For developers like Townline, Onni Group, and Bosa Properties, the extended timeline helps protect pipeline projects from financial volatility and offers much-needed stability in a challenging market.

The regulatory change, enabled by provisions in the Miscellaneous Statutes Amendment Act, 2025, applies to qualifying projects that submitted applications before March 22, 2024, and receive permits between March 23, 2025, and March 22, 2026.

Key Takeaways:

• Morgan Construction secured $200 million in financing from Gordon Brothers to support working capital, purchase new equipment, and drive long-term growth.
• The five-year partnership includes both capital and advisory services through Nations Capital to help Morgan optimize its fleet and expand operations across Canada and the U.S.
• Gordon Brothers continues to expand its presence in Canada, offering asset-based financing and consulting services to support companies in heavy industry and construction.

The Whole Story:

Morgan Construction, one of Canada’s largest heavy civil contractors, has secured $200 million in financing to support its working capital, expand its fleet, and drive long-term growth.

The deal, facilitated by global asset advisory firm Gordon Brothers, includes a five-year, $150 million revolving credit facility and a $50 million accordion feature. In addition to the funding, Morgan will receive ongoing asset advisory and consulting services through Nations Capital, a Gordon Brothers company.

“As we’ve established a strong presence in Canada and continued expansion of solutions supporting Canadian borrowers, we’re proud to partner with a respected family-run business and industry leader like Morgan Construction and provide financing and asset-advisory services that drive long-term value,” said Kyle Shonak, Chief Transaction Officer at Gordon Brothers. “By combining our traditional lending capabilities, advisory and consulting services, and our deep asset expertise, we’re able to provide a full, comprehensive solution that enables growth within the Canadian market.”

The partnership aims to help Morgan acquire new, high-calibre equipment and optimize its existing fleet to meet the demands of its expanding operations in energy, mining, and site development across Canada and the U.S.

“Gordon Brothers’ vast industry experience and equipment expertise has been critical as we continue to service our customers throughout Canada,” said Peter Kiss, President and Chief Executive Officer of Morgan Construction. “As we continue to expand existing operations and enhance growth prospects, the firm’s well-structured facility and holistic partnership will enable us to scale operations.”

Morgan Construction is one of Canada’s leading heavy civil contractors, providing earthworks, environmental and demolition services, and site development solutions across key energy and mining sectors. Headquartered in Edmonton, Alberta, with operations spanning the country and into the United States, the company employs over 1,100 people and partners with more than sixteen Indigenous communities.

Gordon Brothers, founded in 1903 and based in Boston, provides capital and advisory services to clients undergoing transformation, with a global footprint across more than 30 offices.

Key Takeaways:

• Starting in 2026, qualified developers will be allowed to defer more development-related fees and use more flexible financial guarantees to help speed up housing construction. These changes aim to lower upfront costs and address housing affordability challenges.
• While the changes are welcomed, developers like Rob Blackwell argue that the root problem is the high cost of fees and infrastructure charges, which have been layered over time. These costs ultimately get mostly passed on to homebuyers, making housing unaffordable.
• Blackwell stresses the need for more stable policies, better federal support for municipal infrastructure, and immigration strategies that support the construction workforce. He warns that frequent rule changes and lack of investor certainty are deterring capital and driving up prices.

The Whole Story:

B.C. is looking to speed up home construction by accelerating timelines and lowering costs for builders. Some developers say that while they support the changes, the issues that make home prices high go much deeper.

Starting Jan. 1, 2026, qualified developers will be allowed to defer a larger portion of development-related fees and use more flexible financial guarantees to begin projects sooner. The changes are part of amendments to the Development Cost Charge and Amenity Cost Charge (Instalments) Regulation, which has remained largely unchanged since 1984.

Rob Blackwell, Executive Vice President of Development at Anthem Properties, explained that builders have been urging the province to address these issues for years, but only when home affordability reached a critical level did they act.

“I think as a real estate development company and as an industry, some of the things announced with regards to deferrals have been things we have asked the government to do for a long time,” said Blackwell.  “What has been most alarming was the increase in costs. The affordability ceiling was hit. People aren’t prepared to pay anything more for rent or to buy housing and what makes that housing so expensive are the costs that go into it.” 

Blackwell says B.C. has reached a tipping point where the costs have become so high for housing that the market can’t bear it. While deferring development cost charges (DCCs) helps save developers from having to pay interest on loans used to pay those costs upfront, the real issue is much bigger.

“The real problem is the fees are too high,” said Blackwell. “The $10 million paid on a project in DCCs should be $5 million. This definitely helps but doesn’t get to the core issue.” 

He added that over time, well-meaning policies, costs or fees kept getting added. On their own they aren’t much but when stacked together they create a complex problem that can’t be fixed with any silver bullet. 

One of the biggest issues is how to pay for infrastructure. Blackwell explained that cities are limited in how they can fund the necessary upgrades needed for roads, water treatment, transit and more. Either raise property taxes or add DCCs. He believes that many cities have opted to avoid the political cost of raising taxes by dumping this burden on to new development, and essentially, onto new homebuyers. 

“If you aren’t in the housing system, like an immigrant, a young person, a first-time homebuyer, you are being penalized,” said Blackwell.

He believes that those costs should be more spread out among everyone and that the federal government needs to do a better job of helping municipalities access funding. They should give them the ability to borrow more, and allow for creative financing models, like issuing municipal bonds. 

“There’s a major infrastructure deficit all through Canada,” said Blackwell. “But all the things that support growth have to be paid for by more than people buying condos, that’s part of the reason why housing prices are out of control.”

Another major issue Blackwell believes needs to be addressed is constantly changing policies. He argues that the government should freeze policies for a while to give developers some certainty while they progress projects or even allow them to progress projects under the rules in place when the project started. 

“Once a business makes a decision they should be grandfathered in under the rules in place when that decision was made,” said Blackwell. “They shouldn’t be able to change things halfway through. The uncertainty this creates has scared away capital.” 

He also noted that caps on rent increases but no caps on property taxes or operating costs disincentivizes people from investing. He also noted that GST should be nixed on housing as it hits buyers with a major price increase right at the end of the sale.

Blackwell also argued that while the government has lowered immigration levels, it should be utilizing immigration to bring in the skilled workers that builders need.

“The goal here is to reduce costs and reduce the barriers for people to enter the market if they want to rent or buy,” said Blackwell. “The things we do from a provincial point of view should be geared towards that. We want to have a business that makes sense and people want to be able to buy or rent a house without it being such a stressful part of their life, that means we need to reduce those barriers and get some flex financing options into the market.”

Key Takeaways:

• The provinces signed two MOUs to develop new pipelines and rail lines aimed at connecting Alberta’s oil and gas with Ontario refineries and exporting Ontario’s critical minerals via new routes, including a proposed deep-sea port in James Bay.
• Premier Doug Ford and Premier Danielle Smith framed the infrastructure push as a way to diversify Canada’s trade partners, strengthen domestic supply chains, and reduce reliance on U.S. markets amid ongoing economic uncertainty.
• Ontario and Alberta pledged to advocate for a more favourable federal regulatory environment, explore financing options, and commit to Indigenous consultation as part of advancing “nation-building” energy and trade projects.

The Whole Story:

Ontario and Alberta have signed two new agreements aimed at strengthening energy and trade infrastructure, part of a broader push to diversify Canada’s export markets and reduce economic reliance on the United States.

Ontario Premier Doug Ford and Alberta Premier Danielle Smith announced the memorandums of understanding (MOUs) Monday, pledging to build new pipelines, rail lines and related infrastructure connecting Western Canada’s oil and gas to Ontario refineries, while expanding market access for critical minerals through northern ports.

“By building pipelines, rail lines and the energy and trade infrastructure that connects our country, we will build a more competitive, more resilient and more self-reliant economy,” said Ford. “Let’s build Canada.”

The agreements propose new rail connections between Ontario’s Ring of Fire region and western Canadian ports, using Ontario steel. Plans also include a feasibility study to map optimal routes and financing options, as well as commitments to consult Indigenous communities and leverage domestic supply chains.

Premier Smith said the agreements mark a shift toward industry-led development.

“These MOUs are about building pipelines and boosting trade that connect Canadian energy and products to the world,” she said. “Government must get out of the way, partner with industry and support the projects this country needs to grow.”

The provinces also agreed to advocate for a more favourable federal regulatory environment to support private investment in infrastructure, while deepening cooperation on nuclear energy development — including small modular and large-scale reactor technology.

In a nod to interprovincial trade, Ontario committed to prioritizing made-in-Canada vehicles for Alberta’s fleet and increasing the availability of Alberta alcoholic beverages on Ontario store shelves.

The new MOUs build on a trade agreement signed by the provinces in Saskatoon in June. Since April, Ontario has inked trade deals with six provinces and passed legislation eliminating all province-specific exceptions under the Canadian Free Trade Agreement — a first in Canada.

Ontario’s interprovincial trade totalled over $326 billion in 2023, with Alberta alone accounting for $62.4 billion in 2021, the most recent year of available data.

The Ford government says the latest agreements will help build a more integrated and resilient Canadian economy by cutting red tape, boosting supply chains and encouraging labour mobility across provinces.

“By tearing down interprovincial trade barriers and investing in strategic infrastructure, we are strengthening vital industries and ensuring a prosperous future for workers and businesses,” said Vic Fedeli, Ontario’s minister of economic development.

Ontario officials framed the announcements as part of a broader strategy to counter U.S. protectionism and strengthen Canada’s internal economy, with Energy and Mines Minister Stephen Lecce calling the move “a message to President Trump” that Canadians are ready to act decisively to protect their sovereignty.

Key Takeaways:

• Finlayson says it’s not just tariffs hurting Canada—it’s the uncertainty. It’s freezing investment, stalling exports, and could tip the economy into recession.
• He warns that Canada’s counter-tariffs are raising the cost of construction and urges a smarter response that doesn’t make building even more expensive.
• Trump-era tensions have jolted Canadian leaders into prioritizing nation-building, speeding up project approvals, and focusing on infrastructure investment.

The Whole Story:

In the debut episode of Digging In, a new SiteNews podcast, ICBA Chief Economist Jock Finlayson joined editor Russell Hixson to break down how economic uncertainty—fueled by trade tensions and shifting geopolitical winds—is impacting Canada’s construction sector.

Watch the full conversation on YouTube here:

To access all our videos, subscribe to our YouTube and to download this episode and receive all our podcast updates, subscribe to us on your favourite podcast platform, including Spotify and Apple Podcasts (coming soon).

During the discussion, Finlayson explained that the biggest challenge isn’t tariffs themselves, but the lingering fog they create.

“The uncertainty is really hurting investment, and even consumer confidence,” he noted.

While Canada has avoided blanket tariffs so far, key sectors like steel and autos are already feeling the pinch—particularly in Ontario. But when it comes to how we fight back, Finlayson was critical of Canada’s retaliatory tariffs, especially those affecting construction inputs.

“We shouldn’t be retaliating in ways that raise the cost of building things,” he said, urging policymakers to avoid moves that would worsen affordability challenges.

He also pointed to an unexpected upside: renewed interest in nation-building projects.

“Trump has kind of shocked Canada out of its complacency,” Finlayson said, adding that Ottawa and the provinces are now showing more urgency around infrastructure, housing, and trade-enabling projects.

But the long-term economic dependency on the U.S. remains. “We don’t really have an alternative,” he warned. “We’re not going to transform the Canadian economy into something no longer heavily dependent on the U.S.”

Finlayson flagged two emerging headwinds for construction: a planned reduction in immigration, which could cool demand, and climate policy uncertainty—especially if the U.S. under a second Trump administration abandons its emissions agenda. Canada, he said, risks losing investment unless it reassesses how far ahead of the U.S. it wants to be on climate targets.

His advice for construction leaders? Stay engaged, speak up, and push for smarter policy.

“Now is the time to step up on big projects and cut the time it takes to get things built,” he said.

Key Takeaways:

• Starting in 2026, qualified homebuilders can defer 75% of their development-related charges until occupancy or within four years, instead of paying most costs upfront.
• B.C. will expand the use of on-demand surety bonds, giving builders an alternative to traditional letters of credit and improving access to capital during early project stages.
• By lowering financial barriers and streamlining payments, the province hopes to unlock stalled housing projects and accelerate the delivery of new homes amid high costs and interest rates.

The Whole Story:

The B.C. government is introducing changes aimed at lowering upfront costs for homebuilders and speeding up construction timelines, in an effort to unlock more housing amid the province’s affordability crisis.

Starting Jan. 1, 2026, qualified developers will be allowed to defer a larger portion of development-related fees and use more flexible financial guarantees to begin projects sooner. The changes are part of amendments to the Development Cost Charge and Amenity Cost Charge (Instalments) Regulation, which has remained largely unchanged since 1984.

“We are committed to finding innovative and cost-effective solutions to build housing, so everyone has a fair chance to live in communities where they work and belong,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “These changes are about supporting housing development and easing the financial burden on builders and developers so they can get shovels in the ground faster.”

Under the new rules, eligible homebuilders will be able to pay 25% of development and amenity charges when a permit is approved, with the remaining 75% due at occupancy or within four years—whichever comes first. The current regulation requires a minimum one-third payment upfront and full payment within two years.

The province is also expanding the use of on-demand surety bonds as an alternative to traditional letters of credit, allowing developers greater access to capital. On-demand bonds are preferred by builders because they do not tie up credit capacity and can be converted to cash within 15 days if needed, without court involvement.

These financial tools are already in use in cities such as Vancouver, Surrey, Burnaby and Mission, but will now be available provincewide.

The changes follow consultations with local governments and industry organizations, including the Urban Development Institute and the Canadian Home Builders’ Association of BC.

“The ability to defer a portion of development charges and use on-demand surety bonds is a practical measure to address the current economic realities of building housing across British Columbia,” said Neil Moody, CEO of the Canadian Home Builders’ Association of BC. “This announcement reflects significant collaboration that will help unlock capital, ease cost pressures and support the delivery of more homes.”

Anne McMullin, president and CEO of the Urban Development Institute, said shifting payments closer to project completion will reduce early-stage financing pressure. “This policy lowers early-stage financing costs, frees up capital for construction and helps builders reinvest in new housing,” she said.

The province says the reforms will improve the financial viability of housing projects at a time when interest rates and construction costs remain high.

Local officials welcomed the move, calling it a smart balance between housing demand and sustainable infrastructure delivery.

“This smart, balanced policy shift will support both growth and sustainability,” said Delta Mayor George V. Harvie.

Langley Mayor Nathan Pachal noted that his city has already been piloting the use of on-demand bonds. “It is exciting to see this being rolled out provincewide,” he said.

Municipalities will have 18 months to prepare for the changes, including time for system upgrades and staff training.

The B.C. government has made increasing housing supply a central pillar of its response to affordability challenges. These latest reforms build on previous measures such as zoning changes, expedited permitting, and investments in public housing.

According to the province, a qualified developer is one that has been approved by a surety provider and has more than $50,000 in development-related charges payable to a local government.

More information on the regulatory changes can be found on the B.C. government’s website.

Key Takeaways:

• If new home sales in the GTA don’t rebound, up to 41,000 jobs across the construction sector and related industries could disappear over the next five years, according to Altus Group.
• The value of residential construction could shrink by more than $10 billion, with single-family and apartment construction both seeing major declines by 2029 if current trends persist.
• The report warns that high prices, excessive taxation, and an ill-suited housing mix are stalling sales and threatening the construction pipeline — and calls on governments to address these barriers before the economic fallout deepens.

The Whole Story:

A prolonged slowdown in new home sales could put nearly 41,000 jobs and $10 billion in construction activity at risk across the Greater Toronto Area, according to a new report by Altus Group.

The economic modeling exercise, released this month, warns that if current sales trends continue, the region’s residential construction pipeline could dry up over the next five years — gutting what has long been a key employment engine.

“New housing construction is an important generator of jobs in Toronto,” the report stated. “However, the sharply lower volumes of construction activity that could come about from a prolonged weak sales period… could mean that this trusted and important jobs engine will stall.”

The GTA has already seen new home sales drop to historic lows in early 2025. Sales of single-family homes are down more than 50% compared to last year, while condo apartment sales have plunged nearly 65% — declines that Altus Group says are threatening to choke the entire housing production pipeline.

If sales fail to recover, Altus projects that annual construction starts could fall by tens of thousands of units by 2029. Investment in single-family housing construction would shrink from $6.7 billion in 2024 to just $1.9 billion, while apartment construction spending — including purpose-built rentals — would drop from $7.5 billion to $2.6 billion.

The jobs impact would be severe. The report estimates the loss of 18,500 direct construction jobs and another 22,500 indirect and induced positions — a combined decline of nearly 47% from recent employment levels.

That drop would come on top of already worsening labour conditions. Construction employment in Toronto has fallen by 34,600 jobs since late 2023, and Ontario’s construction unemployment rate hit 10% in April — the highest since the depths of the pandemic.

“The number of vacant construction jobs in Ontario, which had been as high as 8% of all jobs in 2022, has fallen to a low of 2.6; a sign of slackness in the market not seen for many years,” the report noted.

Altus emphasized that the scenario is not a forecast but rather a “what-if” exercise designed to highlight the risks if policy action is not taken. The firm cited high prices, excessive taxes, and an ill-fitting mix of housing types in the approvals pipeline as barriers to recovery.

“The message from this analysis is to raise the urgency of addressing barriers now, before these longer-term implications on the pipeline of construction and ultimately on jobs and the broader economy set in,” the report concluded.

The findings add further urgency to calls from developers and housing advocates to streamline approvals and improve affordability in one of Canada’s most economically important regions.

Key Takeaways:

• CGC is acquiring Imperial Building Products (IBP) to expand its product portfolio and strengthen supply chains across Canada, marking a major step in its national growth strategy.
• IBP’s five manufacturing facilities in key provinces will enhance CGC’s ability to serve residential and commercial construction markets from coast to coast.
• The acquisition supports national housing and infrastructure goals by improving access to essential building materials and reinforcing Canadian manufacturing capabilities.

The Whole Story:

CGC Inc., a leading manufacturer of gypsum-based building materials in Canada, has signed a definitive agreement to acquire Imperial Building Products Ltd. (IBP), a national producer of steel framing components, drywall trims, and proprietary structural solutions.

The acquisition marks a major step in CGC’s strategy to bolster domestic manufacturing and supply chains, and to support Canada’s rising demand for housing and infrastructure.

Based in Richibucto, N.B., IBP was founded in 1990 as a division of Imperial Manufacturing Group. It operates five manufacturing facilities across New Brunswick, Quebec, Ontario, Alberta, and British Columbia. The company is widely recognized for its technical expertise and reliable service in both residential and commercial construction.

“Expanding CGC’s portfolio through the acquisition of IBP is a strategic investment in the future of Canadian manufacturing and construction,” said CGC President Steve Youngblut in a statement. “By bringing together CGC’s expertise in wall and ceiling systems with IBP’s leadership in steel framing, we are better positioned to serve customers from coast to coast and support Canada’s housing and infrastructure priorities.”

The move builds on CGC’s recent investments in facilities in Little Narrows, N.S., and Wheatland County, Alta. CGC said adding IBP’s network of plants will strengthen its national reach, diversify its product offerings, and increase supply chain resilience.

IBP will continue to operate as a distinct business unit within CGC following the acquisition. No immediate changes are expected for employees or customers.

“We are proud to become part of the CGC family,” said IBP President Cesare Minchillo. “This acquisition brings together two Canadian companies with complementary strengths and shared values. We look forward to expanding our reach and continuing to support Canada’s builders.”

The transaction involves 100 per cent of IBP’s shares and excludes Imperial Metal Services and other affiliates of Imperial Manufacturing Group. It is expected to close in the third quarter of 2025, subject to regulatory approvals and standard closing conditions.