Tariff-exposed cities see steeper rent declines, report finds
The 10 least-exposed cities — including Vancouver, Halifax, Saskatoon, and Winnipeg — have recorded comparatively steadier conditions.
“While there has already been an observable correlation between rents and tariff exposure, with rents in the 10 most tariff-exposed CMAs falling faster than the 10 least-exposed, as of August 2026, local market effects have remained the dominant factor,” the report states.
Bank of Canada governor Tiff Macklem issued a stark warning Monday that a fresh round of US tariffs and elevated global oil prices risk undoing Canada’s hard-won economic recovery.https://t.co/k19n8NXNPd
— Canadian Mortgage Professional Magazine (@CMPmagazine) September 22, 2026
Building costs and supply risks compound the pressure
The trade conflict is also squeezing construction economics. According to Statistics Canada’s Building Construction Price Index, fabricated metal costs rose 2.1% quarter-over-quarter, while structural steel climbed 1.8% over the same period and 7.2% since the first quarter of 2025.
That’s a direct consequence of the United States’ 50% tariff on Canadian steel, which Canada matched in full with retaliatory levies.
Toronto and Vancouver face a compounding exposure. Condo starts have declined in both cities while construction remains reliant on steel and rebar now priced significantly higher.
