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⏰ Today’s read: 5 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 7:30 PM ET March 10, 2025.

Economy: The Bank of Canada is expected to cut its interest rate by 25 basis points to 2.75% on Wednesday, marking the seventh consecutive reduction amid trade uncertainty with the U.S. While the central bank aims to move toward the midpoint of its neutral range (2.25%–3.25%), economists note that recent strong economic growth (2.6% annualized in Q4 2024) and rising core inflation could have justified holding rates steady.

NEED TO KNOW

The week's headlines

New PM: 🍁 Mark Carney, newly elected Liberal leader, is preparing to transition into power following a decisive leadership win, meeting with outgoing Prime Minister Justin Trudeau to discuss cabinet appointments and an imminent election call. Carney says he is focusing on navigating trade tensions with U.S. President Donald Trump, particularly in response to upcoming tariffs on Canadian imports.

New standard: 🏠 The federal government has released about 50 standardized housing designs for rowhouses, fourplexes, sixplexes, and accessory dwelling units to streamline construction, reduce costs, and accelerate housing delivery. The final architectural packages, expected this spring, will include engineering drawings, cost estimates, and technical guidance.

Ship shape: ⛴️ The federal government has awarded two major contracts under the National Shipbuilding Strategy to build modern polar icebreakers for the Canadian Coast Guard. Davie Shipbuilding in Québec will construct one icebreaker for $3.25 billion, with completion expected by 2030, while Seaspan’s Vancouver Shipyards will build the second for $3.15 billion, beginning construction in April.

New deal: 🤝 The Government of Saskatchewan and the federal government have finalized a 10-year, $187.9 million infrastructure agreement under the Canada Housing Infrastructure Fund to support housing-related projects. The funds will improve essential infrastructure such as drinking water, wastewater, stormwater, and solid waste systems to accommodate growing housing needs.

More tariffs: ⚔️ Tomorrow, the U.S. is set to impose 25% tariffs on Canadian steel and aluminum, escalating the ongoing trade war initiated by President Trump, despite a temporary reprieve for other Canadian goods. The Canadian Steel Producers Association has called steel tariffs a “doomsday scenario” for the sector. Trump has also threatened to implement 250% tariffs on lumber soon. 

THE BIG STORY

New path: Supporting undocumented workers

Canada wants its undocumented construction workforce to live in freedom by creating a pathway for them to stay and work in the country. 

It’s an approach that was piloted in Ontario for 500 out-of-status workers and it was so successful, it was expanded in 2023 to assist 1,000 workers. 

What’s new: Officials are creating nationwide opportunities for 6,000 undocumented construction workers to stay in Canada, implementing a temporary measure for foreign apprentices to continue studying without a study permit and convening a new council to identify labour needs and new steps to take. 

Size and scope: Immigrants account for 23% of all general contractors and residential builders. As of November 2024, approximately 1,365 permanent residents (including principal applicants and their dependents) have been admitted through the out-of-status construction workers pathway.

Who are they: Most entered Canada legally as temporary workers, international students, tourists or refugee claimants, and saw their visas expire or refugee claims rejected before they were able to transition to another type of legal status. 

Why it matters: Out-of-status workers are vulnerable to employer exploitation and abuse, and they and their families live with limited access to education, health and social programs. Officials also plan to step up immigration enforcement by 25%, meaning without a legal remedy, vital construction workers could be sent packing. 

The bottom line: Last march, in an industry-wide call for immigration reform, construction leaders acknowledged that closing our labour gap will require the industry to hire from a variety of sources, including new permanent and non-permanent residents. These workers are already here, helping fill this gap, it’s time we let them not live in fear. 

TOGETHER WITH CALIBER

Reaching new heights

A global pandemic, massive scope and supply chain disruptions were no match for Caliber’s people and process-focused approach while working on the B.C.-based builder’s most ambitious project yet. With a footprint of 75 acres and 8 phases, Latimer Heights represented the ultimate test of their team. Learn how they did it ahead of schedule and on budget in our piece below.

PROJECT SPOTLIGHT

Teamwork

The City of Toronto, in partnership with Maple Leaf Sports & Entertainment (MLSE), has unveiled plans to transform BMO Field (Toronto Stadium) into a state-of-the-art venue ready to host the FIFA World Cup 26. The upgrades, backed by a $123 million investment from the city and a $23 million investment from MLSE, will enhance stadium infrastructure, technology and overall appeal.

PROJECT UPDATES

Team chosen to build Toronto’s East Harbour Transit Hub

Grassy Narrows First Nation sees start of mercury treatment facility

Duncan wants more regional approach on old hospital future

Vancouver votes to freeze construction of new supportive housing

South Winnipeg Regional Recreation Campus work to start in 2026

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

WHAT WE’RE TALKING ABOUT

PHOTOS: 💻 Inside a critical Canadian data centre

READ: 🛢️ Are tariffs changing public opinion on energy projects?

PHOTOS: 🏄 Surfs up! ACCIONA launches turbine blade surfboards

VIDEO: 🧑‍🚒 Turner relocates Vancouver fire hall 12km

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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.