🌊 Grey wave

Good morning!  🛌 A construction site is no place for a nap. A man who wandered into a site in southeast Calgary last week and fell asleep was accidentally partially buried under soil Friday afternoon. About half a yard of soil was dumped on him, leaving his torso exposed. Calgary Fire Department crews spent about 30 minutes extricating him before he was safely freed and taken to the hospital as a precaution.

⏰ Today’s read: 5 minutes

MARKETS

Economy: B.C.’s forestry sector is bracing for yet another hit as the U.S. Commerce Department reviews whether Canadian wood imports pose a “national security threat” — a move that could trigger even more tariffs on top of the already steep 35% duty. Industry experts warn this could mean more mill closures and job losses in a sector that has already shed thousands of positions, while U.S. producers stand to profit and American homebuilders ultimately foot the bill with higher costs.

NEED TO KNOW

The week's headlines

🏝️ Island acquisition: ITC Construction Group has acquired Farmer Construction, a 70-year-old Vancouver Island builder known for landmark commercial, institutional, and residential projects, including Poet’s Cove Resort and Victoria’s Harris Green Village. The deal expands ITC’s presence in B.C. and Western Canada while allowing Farmer to continue operating under its current leadership with added resources and support.

🤝 Reciprocity: Canada will lift tariffs on U.S. goods covered under CUSMA starting Sept. 1, restoring near full free trade while keeping protections in place for steel, aluminum, and autos. For construction, this means most U.S. materials and products will again move tariff-free across the border, easing costs in areas like lumber, manufactured goods, and equipment. However, the government signaled tough negotiations ahead on strategic sectors, including steel and aluminum.

⛴️ Port ownership: The Nisga’a and Tahltan Nations have partnered with Arrow Transportation Systems to purchase the Port of Stewart bulk terminal on the Portland Canal, creating Portland Canal Holdings Limited Partnership. The joint venture, supported by a $5-million provincial grant, will manage the deepsea terminal that handles copper and gold concentrate from regional mines and launch a new transportation business by consolidating trucking operations.

🛢️ Key approval: ATCO Ltd. says its utilities arm has secured Alberta Utilities Commission approval for the Need Assessment Application of the proposed 230-kilometre Yellowhead Pipeline, a key step toward development. The natural gas pipeline would run from Peers to Fort Saskatchewan, carrying about 1.1 billion cubic feet per day to strengthen Alberta’s transmission system and support growth.

THE BIG STORY

Catching Canada’s ‘grey wave’

Canada’s population is aging at record speed, creating urgent demand for new seniors housing, long-term care facilities, and health-care infrastructure. Developers and investors are calling it the hottest real estate play of the decade — but provinces are still scrambling to design funding models and approvals frameworks that can keep pace.

The demographic surge: By 2030, more than one in four Canadians will be over the age of 65, with the cohort of 75+ growing fastest. CMHC and CIHI warn this will translate into tens of thousands of new beds needed in long-term care and seniors housing within the next decade — a gap provinces are nowhere close to filling.

Ontario’s new model: Ontario has over 48,000 people waiting for long-term care. To address the gap, the province introduced a new funding program this year that covers up to 85% of eligible construction costs for LTC projects, replacing the old per-bed grant model.

B.C. and beyond: B.C. has committed $2.3 billion to redevelop or replace aging facilities, creating 2,297 modern care beds across multiple communities. Quebec is pushing ahead with its Maisons des aînés program, aiming to deliver 5,700 new places by 2029. Each province is experimenting with different models — from Ontario’s subsidy-heavy approach to B.C.’s partnerships with health authorities and non-profits.

The opportunity: For builders and developers, the sector presents a pipeline of projects that is insulated from market cycles. Seniors housing and care homes have become a magnet for institutional investors looking for stable, long-term returns. The Financial Post recently called it “Canada’s hottest real estate play,” noting that large pension funds and REITs are increasingly entering the space. 

Why it matters: The impact trickles down. Without enough supply, seniors stay longer in single-family homes, constraining turnover for younger buyers. At the same time, underfunded expansion risks pushing up operating costs or creating uneven care quality across provinces.

PROJECT SPOTLIGHT

Female-led factory

Construction is underway on a $20-million modular housing factory in Kirkland Lake, Ont., aimed at addressing housing shortages in northern and remote First Nations communities. Set to open next June, the women-led facility will produce up to 100 climate-resistant, culturally appropriate homes per year while employing 30 workers per shift and offering training programs focused on Indigenous women entering the construction trades.

PROJECT UPDATES

Gracorp completes Encore project in Calgary

Contracts awarded for $7B EV battery plant

Stantec chosen to rehabilitate Toronto bridges

Nanaimo hospital opens new unit

Elevator, staircase tower planned for Granville Bridge

Alberta considers Japanese investment for coker unit work

Bridgeland Place redevelopment to wrap in 2027

WHAT WE’RE TALKING ABOUT

🪵 READ: Meta pilots mass timber data centres

🏝️ PHOTOS: Freedom cove, an off-grid man made island in B.C.

🚧 READ: Why most Cambridge home projects are stalled

🏗️ PHOTOS: Moving a 713-tonne church 5 km

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Here’s to a great rest of the week!

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