How will trade war impact the northern housing market?

Officials in Timmins said Tuesday it's too soon to tell what impact new U.S. tariffs will have on the local real estate market.

Real estate officials in Timmins are unsure how the tariff war with the United States will impact the real estate market in the Timmins area.

“I think it’s just early days and we’ll have to wait and see how things develop,” said Scott Bragagnolo, president of the Timmins, Cochrane and Timiskaming Districts Association of Realtors.

Bragagnolo said what is certain is that Timmins is a strong seller’s market.

“Because of the lack of new housing, there’s nowhere for the boomers to move,” he said.

“Not a lot of condos. Not a lot of, you know, nice apartment complexes. The ones that are there are full, as far as I know.”

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There are 100,000 Realtors represented by the Ontario Real Estate Association. Officials said in a statement to CTV News that it’s more important than ever to work together to protect jobs and keep the dream of homeownership alive.

“As part of the Team Canada efforts to tackle the tariffs, the Canadian Real Estate Association is working with industry partners, associations and decision-makers on both sides of the border through the Canada-US Trade Council and the Canadian American Business Council. Real estate associations across the country, including the Ontario Real Estate Association, stand ready to provide our support and guidance as we work through these challenging times as one Team Canada.”

Effect could be ‘decimating’

The Ontario Home Builders Association said Trump’s tariffs could decimate Ontario’s housing sector.

“The market is already in a bad place and there’s no saying how bad the fallout from this additional threat will be,” warned CEO Scott Andison.

“Builders across the province are struggling to survive and this unwarranted act of economic aggression is going to be even more devastating for them.”

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The association said economic uncertainty around tariffs will lead investors to be extremely cautious before starting any new projects.

Bragagnolo said he looks forward to any new housing projects in Timmins as they are needed here, even if they will cost more.

“We can thank Mr. Trump for that,” he said, adding that’s the world we live in.

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