A 50% tariff on Canadian imports took effect Saturday, hitting softwood lumber and driving up costs for renovation, roofing, and decking projects. Homeowners and contractors should contact their bidders immediately to confirm whether summer quotes still hold under the new tariffs.
At 12:01 Saturday morning, 50% tariffs took effect on roughly $20 billion of Canadian goods. Canada says it will match them dollar for dollar. Most coverage will focus on hockey sticks and wine. Here is why you should care. The covered goods include building materials, and the U.S. Trade Representative confirmed lumber was on the table in the failed talks. Canada is a major supplier of softwood lumber to this country. If those costs rise, They reach you fast.
Turn costs, unit renovations, roofing, deck repairs, and any capital projects scheduled for this fall or next spring. Remember last week, rents are forecast to grow by about 2% this year. Insurance is up 119% over 4 years. Repairs and maintenance are up 28% since 2021. This tariff lands directly on top of the fastest growing part of your operating statement. If you have a capital bid from earlier this summer, call your contractor Monday and ask whether that number still holds.
