💰 Foreign funds

Together with

Good morning! 🚧 The White House will soon be a construction site. Officials announced that work on a new US$200-million ballroom will begin next month. The space will be able to accommodate 650 seats, a significant increase from the 200-person seated capacity in the East Room of the White House. McCrery Architects has been chosen as the lead architect, as they are well-known for their classical architectural design

⏰ Today’s read: 5 ½ minutes

MARKETS

Economy: As of August 1, the U.S. has imposed new tariffs on Canadian goods, raising duties on items not covered by USMCA from 25% to 35%. These follow earlier tariffs introduced in June which placed 50% duties on Canadian steel and aluminum. A 50% tariff on copper products also came into effect on August 1. Meanwhile, Canadian lumber exports, long a point of trade friction, now face reciprocal tariffs that can also reach 35%, despite earlier exemptions.

TOGETHER WITH LLSC AND VANMAR CONSTRUCTORS

Hard Hats for Hope: Raising funds to fight blood cancer

At just 9 months old, Beckett—son of VanMar Constructors’ CFO Geoff Tessarolo—was diagnosed with leukemia. Today, he's 6 years old and cancer-free, thanks to cutting edge research. Now, Tessarolo and industry peers are taking part in the Construction Industry Challenge to support the Leukemia & Lymphoma Society of Canada in its mission to save more lives. Top builders across the region have already joined the cause—there’s still time to add your name. Let’s stand together and help more families like Beckett’s.

NEED TO KNOW

The week's headlines

⚡ Powered up: The B.C. government and Haisla Nation signed a $200‑million agreement to electrify the Cedar LNG project, which will become the world’s first Indigenous majority‑owned floating LNG terminal. The investment will build transmission infrastructure to power the facility with clean electricity, aiming to make it one of the lowest-emitting LNG plants globally. The facility is expected to generate 500 construction jobs and 100 permanent roles ahead of its planned 2028 opening.

💻 Hyperscaling: CPP Investments is committing $225 million toward a hyperscale data centre in Cambridge, Ontario as part of a 54‑MW project backed jointly with Deutsche Bank. The facility is already pre‑leased to an AI‑focused cloud provider and is being developed by Related Digital, TowerBrook Capital Partners and Ascent. CPP said the deal fits its global strategy for digital infrastructure as demand for AI, data storage and cloud computing accelerates across North America and beyond.

🚛 Edmonton expansion: Heidelberg Materials North America will acquire BURNCO’s Edmonton-area operations, including six aggregate sites, two asphalt plants, three concrete plants and other infrastructure. The deal, expected to close in 2025 pending regulatory approval, aligns with Heidelberg’s “Strategy 2030” and will grow its Alberta footprint. Roughly 200 employees will transition over. BURNCO, a fifth-generation family-owned firm, will continue operating in other markets.

🌿 Green cement: Work has begun on Canada’s first commercial carbon-capture cement facility in Mississauga. The Carbon 1 project, led by Carbon Upcycling Technologies and Ash Grove (a CRH company), will produce 30,000 tonnes of low-carbon SCMs annually using captured CO₂. Backed by $10 million in federal funding, the plant is set to open in 2026 and will use CO₂ to transform industrial by-products into valuable construction materials.

THE BIG STORY

Developers want foreign cash to ease market pains

With housing starts plunging and projects stalling, developers in B.C. are making a national appeal: lift the federal foreign buyer ban before it’s too late.

The pitch: They argue that allowing foreign capital back into Canada’s purpose-built rental and condo sectors could unlock billions in stalled projects. Their ask: exempt institutional and pre-construction investment from the foreign buyer ban which is currently set to expire in 2027.

The pushback: B.C. Premier David Eby swiftly rejected the proposal, framing it as a step backward for housing affordability: "We're not going to do it under the old way of doing things, which is having foreign money, speculation money, coming in to build 500-square-foot shoe boxes that don't support families," Eby said.

Who is buying: The most current data shows that the share of homes owned by non-residents remains low and stable across Canada, accounting for between 2% and 6%. However, developers say foreign investors account for about 10% of newly built condos nationwide, providing the pre-sale commitments developers need to secure financing and launch construction.

The global context: Unlike countries like Australia and the U.K., which have carved out exceptions for institutional investors or allowed targeted pre-construction foreign investment, Canada’s policy is broader. Critics argue this makes it harder to attract capital to build desperately needed rentals and condos, even when the buyers aren’t speculating or displacing local ownership.

Why it matters: Without access to foreign capital, developers warn of deepening project delays, job losses in construction, and a failure to meet housing targets. At the same time, governments are under pressure not to backtrack on affordability promises. As Canada tries to walk a policy tightrope, the outcome could reshape how – and whether – many urban projects get built.

No sign of softening: Despite the lobbying push, Ottawa has not indicated any intent to lift the ban early. In February, Chrystia Freeland said this: "By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class."

But data from after the ban isn’t yet available, making it hard to say what the impact has been.

PROJECT SPOTLIGHT

Best of friends

Construction is underway on the Wije’winen Friendship Centre in Halifax, a new cultural and service hub led by the Mi’kmaw Native Friendship Society to support urban Indigenous communities with health, education, employment, and cultural programming. Built by Pomerleau, the centre will feature mass timber construction, a ceremonial chamber with a wood-burning fireplace, and landscaping that reflects Mi’kmaw heritage.

PROJECT UPDATES

Major renovation planned for Calgary’s Chevron Tower

Fort McMurray 468 First Nation opens community centre

Long-term repairs set to begin on North Beach rockslide

Construction costs rise at Woodfibre LNG

Affordable housing units craned into place in Calgary

Iroquois Falls paper mill becomes hospital logistics hub

Crews complete high-performance cricket pitch in Winnipeg

Contractors claim millions are owed for work on NextStar battery plant

WHAT WE’RE TALKING ABOUT

READ: 💰Edmonton builders say tariffs will spike costs 20%

PHOTOS: 👷🏼‍♀️ Indigenous artist wins big with ironworkers sculpture

READ: 🚘 Parking lots could transform into Toronto housing

VIDEO: How to pour concrete into a Vancouver high-rise

READ: 🏗️ Modular approach to Newfoundland town’s home crunch

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Here’s to a great rest of the week!

Disclaimer: SiteNews is an independently-operated news website. Views expressed are that of the editorial team and are based on publicly available information unless otherwise noted through sponsored content.