Skyrocketing steel prices wreaking havoc with local construction
According to Construction Links Network, the fast rising steel prices due to President Donald Trump’s 25 percent steel tariff in the U.S. and the retaliation by the federal government on the Canadian side of the border, have resulted in prices of steel rising by as much as 40 percent since January. This has been substantiated by steel expert Peter Warrian of the University of Toronto Munk School of Global Affairs. Also, reinforcing bars for concrete and structural steel for office towers have gone up more than 60 percent.
Due to these escalating steel prices, the cost of new construction is being drastically affected. Graham Cubitt, director of projects and development with affordable housing charity Indwell stated that the cost of one of his projects, at 500 James Street North, has jumped by more than $300,000 because of the escalating steel costs.