The most recent Trade War between the current US Government and Canada has greater impact than just higher prices at the register for certain goods. Tariffs reach housing through a chain, not a straight line: trade exposure hits specific industries, industries hit local employment, employment hits buyer and seller confidence, and confidence eventually hits housing demand. That chain is what helps you read any future tariff development, not just this one.

The first link is trade exposure. Statistics Canada's estimated average effective tariff rate captures how much of a province's trade is subject to new tariffs, and it varies enormously: roughly 12% in Quebec, 10% in B.C., 9.6% in Ontario, versus 0.5% in Alberta and 0.2% in Newfoundland and…

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