I-beams, necessary for the construction of high-rise buildings, are largely sourced from U.S. steel companies by Canadian builders. President and CEO Keanin Loomis emphasizes their importance, stating that without I-beams, construction halts. Proposed tariffs by U.S. President Donald Trump might impose a 25% tax on these crucial materials. The steel price has already surged following Trump's earlier announcements. Amidst a housing crisis, where Canada needs 5.8 million new homes by 2030, the looming tariff threat compounds challenges for the construction industry, hampering their ability to meet growing demand.
"It's a crucial part of a builder's inventory. Nothing can be done without those," Loomis said.
"The price of steel already went up with the stroke of a pen when Donald Trump announced [tariffs on Canadian steel and aluminum]," Loomis said.
According to data from the Canada Mortgage and Housing Corporation (CMHC), Canada would need to build 5.8 million new homes by 2030 to "restore housing affordability."
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