☀️ New start

Together with

Good morning! 🧱 “It wasn’t pretty, but it worked,” opined president Trump on the design of his long-promised border wall during his inauguration yesterday. He envisioned a towering concrete structure, but says he had to settle for hardened steel and anti-climb panels. Trump says he plans to continue work on the wall during his new term.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:00 PM ET Jan. 20, 2025.

Economy: Canada’s oil industry is facing heightened uncertainty with Donald Trump’s return to the White House, where he has declared an “energy emergency” and plans to dismantle regulations restricting U.S. oil production. While Trump delayed imposing immediate tariffs on Canadian imports, concerns persist over the potential for future trade disruptions, including studies on U.S. trade relationships with Canada and other nations. 

EVENTS

Digital pathways: Learn how high tech simulators are attracting B.C.’s new generation of road builders

Time is running out! We are just weeks away from hosting our 25 Innovators in Construction Celebration at SiteHQ. If you want to network with Canada's most innovative construction leaders, check out the link below and use the code INNOVATOR2025 to get 25% off tickets. Attendees will be able check out the cutting edge heavy equipment training simulator from the BC Road Builders and Heavy Construction Association during the event.

Where: Site HQ – 2393 W Railway St, Abbotsford, B.C.

When: 6:00 p.m., February 6, 2025

NEED TO KNOW

The week's headlines

New nuclear: ⚛️ The Ontario government has tasked Ontario Power Generation (OPG) with exploring the development of a new nuclear energy site at Wesleyville. The site, strategically located and already zoned for electricity generation, could potentially generate 10,000 MW of nuclear power, powering 10 million homes and contributing $235 billion to Ontario’s GDP over a 95-year lifespan

Highway to wealth: 🚙 Alberta is planning a major infrastructure project to extend Highway 686, creating a direct route between Fort McMurray and Grande Prairie. This new highway, cutting 100 km off the current 750 km route, aims to enhance economic growth, improve public safety, and provide a secondary evacuation route for Fort McMurray.

Tariffs averted: 💵 Newly sworn in U.S. President Donald Trump has delayed his proposed 25% tariff on all Canadian imports, opting instead to direct U.S. agencies to study trade relations with Canada, Mexico, and China, as well as trade deficits and currency policies.

Capital problems: 🏗️ The Canadian Construction Association (CCA) is criticizing the federal government for allowing a higher capital gains tax without proper legislative approval. The CCA warned that this could deter construction investment and innovation, hindering efforts to address housing shortage and develop critical infrastructure. It is calling on the government to delay implementing the increase.

THE BIG STORY

Gaining ground: Housing starts up in 2024

Hot starts: In 2024, Canada's housing starts increased by 2% compared to 2023, totaling 245,120 units, driven by high rental construction and growth in Alberta, Québec, and the Atlantic provinces, despite a 3% decline in major metropolitan areas like Vancouver, Toronto, and Ottawa due to weak pre-construction condo sales. 

Alberta’s edge: Alberta led the nation in starts for 2024 with 46,632 new homes under construction, breaking historic records. Officials stated that they accomplished this by cutting red tape, incentivizing housing construction and supporting innovative strategies that speed up the home building process.

Unequal distribution: In Canada’s six largest cities—where population growth is highest and housing demand is greatest—housing starts declined by 3% year-over-year. This decrease was primarily driven by a shortage of multi-unit starts in Vancouver, Toronto, and Ottawa due to weak pre-construction condominium sales.

Too little: According to the Parliamentary Budget officer, closing Canada’s housing gap would result in 3.1 million net housing units completed by 2030, which translates into 436,000 units completed annually, on average, over 2024 to 2030. Housing starts over the past 12 months are well below that path.  

New direction: Housing starts saw a notable dip in December. And developers are worried, low-cost financing for building market rental apartments and social housing, the goods and services tax rebate on new rentals, and breaks for landlords on allowable tax writeoffs, among others, could be in jeopardy as an election looms and Trudeau’s time as PM comes to a close. Or it could be a chance for an even bolder direction. 

PROJECT SPOTLIGHT

On the water

Sunborn International Holding, a Finnish developer, plans to introduce a 250-room floating hotel in Vancouver’s harbour, connected to the Vancouver Convention Centre via a ramp from the seawall walkway. Spanning six floors and measuring 136 meters long and 19.5 meters high, the privately funded hotel could open by 2027, pending rezoning and government approvals.

PROJECT UPDATES

TransLink proposes two 16-storey rental buildings in Moodyville

Hydro-Québec investing $1.25B to modernize power station

Highway proposed to trim route from Fort McMurray to Grand Prairie 

Natural gas agreement signed for Alberta data centre

Contract awarded for electric warfare facility in Kingston

Get our full breakdown of the week’s project updates in the link below

WHAT WE’RE TALKING ABOUT

READ: 🏗️ Vancouver’s storied Plaza of Nations site sold

LEGAL: 🚃 AtkinsRéalis faces $100M in legal claims from Trillium contractors

WATCH: 🪚 A German creates his carpentry masterpiece 

PODCAST: 📹 Are we creating a digital safety trap?

READ: 🎸 AC/DC fans rage at home demolition

TOP CONSTRUCTION JOBS

🔥 Check out all roles up for grabs right now at SiteNews Jobs or put your job post in front of tens of thousands of construction professionals here. Hurry up before our free trial ends!

Struggling to fill a role? send us an email at [email protected] to connect with one of our specialized recruitment experts.

ADVERTISE WITH SITENEWS

Get your message and brand in front of Canada’s construction leaders and decision-makers by advertising in our newsletter. Learn how to partner with us here.

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.