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Winnipeg, Manitoba Mar 2, 2025  – The possibility of new U.S. tariffs on Canadian goods is causing concern across various sectors, and Winnipeg’s housing market might also be affected. Kris Thorkelson, CEO of Thorwin Properties, is urging policymakers, industry experts, and the public to closely monitor how tariffs could impact housing affordability, construction expenses, and market stability in Manitoba’s capital city.

“Whether you are renting, own a home, or are a developer, these tariffs could have a widespread impact on Winnipeg’s housing market,” Thorkelson states. “Even if you aren’t directly involved in real estate, increased construction costs can lead to higher rents and home prices, and slow down new construction—something we need to prepare for.”

Potential Effects of U.S. Tariffs on Winnipeg’s Housing Market

The real estate industry is closely linked to supply chains, materials, and construction costs, many of which depend on imports from the United States. If new tariffs are implemented, essential materials such as lumber, steel, aluminum, and appliances could experience price increases of 10-25% or more, similar to what occurred during past trade disputes.

According to the Canadian Home Builders’ Association, lumber prices increased by over 300% during the pandemic, contributing to higher costs for home construction. Another surge in prices could further complicate the completion of affordable housing projects and the maintenance of stable rental rates for developers.

“Higher expenses don’t just affect builders,” Thorkelson explains. “If development slows, housing supply decreases. When supply decreases while demand remains high, prices increase, making it more difficult for people to afford homes and rentals.”

Advocating for Stable Markets and Sustainable Expansion

While Thorkelson doesn’t express an opinion on the political debate surrounding tariffs, he highlights the importance of strategic planning to avoid adverse effects on the housing market.

He encourages greater collaboration within the industry to track cost fluctuations, explore alternative suppliers and construction methods, and ensure Winnipeg remains an affordable city to live in.

“We must be proactive,” Thorkelson says. “Developers, policymakers, and industry leaders should collaborate to identify solutions that prevent unnecessary price increases. Whether through advocating for policy adjustments, exploring local material sources, or adopting new construction technologies, there are ways to lessen the impact.”

Future Outlook: What Winnipeg Residents Can Anticipate

As tariff discussions progress, Winnipeg residents should stay informed about possible changes in the housing market. Potential homebuyers and renters might encounter higher prices if tariffs raise material costs, making it even more crucial to plan for long-term affordability and sustainability.

“We don’t want rising costs to push people out of the market,” Thorkelson warns. “It’s essential to find practical ways to keep housing accessible, regardless of trade policy outcomes.”

For more information on Winnipeg’s real estate market and updates from Thorwin Properties, visit.