Toronto sales slower than in previous three months

Steve Randall
REP

Toronto Real Estate Board says that total sales were down 22.2% in May compared to a year earlier; and the 7,834 homes sold meant little change from sales in April.

But, setting an optimistic tone, the board says that the decline is slower than in the previous three months with drops above 30%.

Semi-detached sales dropped the most across the TREB region (down 29.4%) but in the City of Toronto there was a larger decline for detached (down 30.4%). Condo sales were down 15.5% overall and down 13.8% in the City.

New listings were down 26.2% year-over-year making competition tighter for potential home buyers; however, prices were down with the average selling price of $805,320 down 6.6% from May 2017.

“Market conditions are becoming tighter in the Greater Toronto Area and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May,” said Jason Mercer, TREB’s Director of Market Analysis.

By property type across the whole TREB region, detached home prices averaged $1,045,553, down 8.2% year-over-year; semi-detached declined 1.2% to $815,803; and townhouses dropped 2.5% to $640,543.

Condos were the only segment to see an increase with the average price rising 5.7% year-over-year to $562,892.

Copyright © 2018 Key Media Pty Ltd

May sales released

Canadian Real Estate Wealth

Home sales across Metro Vancouver tumbled last month, when compared with May 2017 and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes.

The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May’s sales were up nearly 10 per cent over transactions in April.

A news release from the real estate board says sales in May were 19.3 per cent below the 10-year average for the month.

Board president Phil Moore says low sales and a nearly 10 per cent jump in the number of newly listed properties between April and May has pushed selection to its highest level in two years.

Moore says supply is still below the 10-year average but when the total number of single detached home sales is divided by total listings for that type of property, the ratio is 14.7, nearing the indicator where downward pressure on prices can occur.

The sales-to-active listings ratios for townhomes and condominiums are higher, at 30.8 per cent for townhomes and 41.7 per cent for condominiums, well above the 20 per cent mark that the board says can trigger upward pressure on prices.

“For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing,” Moore says in the release.

The composite benchmark price for all residential properties in Metro Vancouver is $1,094,000, an 11.5 per cent increase over May 2017.

Sales of detached properties across Metro Vancouver fell 40.2 per cent in May, compared with May 2017, while the benchmark price was set at $1,608,000, a 2.4 per cent increase year-over-year.

Sales of condominiums and townhomes also dropped last month when compared with the year before, down 29.3 per cent for condos and 39.8 per cent for townhomes.

The benchmark price for condos was up 20 per cent to $701,700 and townhomes jumped 16 per cent to $859,500 over the same period, but the board says price increases for both types of properties have remained under one per cent since April. 

The Canadian Press

Copyright © 2018 Key Media Pty Ltd

Sales down, inventory up

Steve Randall
Mortgage Broker News

There was a further slump in home sales in Metro Vancouver last month with a 35.1% drop to 2,833.

Real Estate Board of Greater Vancouver says that sales were up from April (by 9.8%) but remained 19.3% below the 10-year May sales average; and as a result, inventory is increasing.

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 11,292, up 38.2% year-over-year and up 15% from April. Inventory is 17.2% below the 10-year average for May.

For all property types, the sales-to-active listings ratio for May 2018 is 25.1% (14.7% for detached homes, 30.8% for townhomes, and 41.7% for condos).

Sales by property type

Type	Sales	Benchmark Price
Detached	926 (-40.2% y-o-y)	$1,608,000 (+2.4% y-o-y)
Apartment	1,431 (-29.3% y-o-y)	$701,700 (+20.2% y-o-y)
Attached	476 (-39.8% y-o-y)	$859,500 (+16% y-o-y)

 Copyright © 2018 Key Media

Toronto Real Estate Sales Figures

Tara Deschamps
Canadian Real Estate Wealth

TORONTO _ Prospective buyers are still hesitating to wade into the Greater Toronto Area housing market, pushing May home sales in the region down by 22.2 per cent compared with the same month last year, said the Toronto Real Estate Board (TREB).

The board said Monday that while the number of sales was down year-over-year to 7,834 units, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent.

In May, it found the average selling price for all home types combined fell 6.6 per cent to $805,320, new listings declined by 26 per cent year-over-year to 19,002 and the seasonally-adjusted month-over-month sales slipped 0.4 per cent lower than the previous month.

The numbers indicate that the market is continuing to cool from last year’s frenzied pace that saw bidding wars become common and home prices soar.

BMO Capital Markets economist Benjamin Reitzes took TREB’s release to be “not quite a positive report” because the MLS Home Price Index was down 5.4 per cent year-over-year, a larger fall than the prior month’s 5.2 per cent drop.

However, Reitzes said stabilizing the market after last year _ what some consider a market peak, before the Ontario government brought in a package of measures to cool the market _ is key, especially if the Bank of Canada is going to raise its benchmark interest rate again in July.

The Toronto board’s May numbers brought a few bright spots for sellers. On a seasonally adjusted basis, the average selling price was up 1.1 per cent compared to the previous month of April.

Jason Mercer, TREB’s director of market analysis, said market conditions are becoming tighter in the GTA and this will provide support for home prices through the second half of 2018 and into 2019.

“There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth,” Mercer said in a statement.

“In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May.” 

The Canadian Press

Copyright © 2018 Key Media Pty Ltd

Bellewood Park a merging of country and city

Nikki Renshaw
The Vancouver Sun

Bellewood Park

Address: 1201 Fort St, 1050 Pentrelew Place, Victoria

Developer: Abstract Developments

Architect: Cascadia Architects (condos) Zebra Group (townhomes) Murdoch de Greef Inc. (landscape)

Interior design: Nygaard Interior Design

Project size: 83 one-, two- and three-bedroom homes; 819 —3,456 sq. ft.

Price: From the high $500,000s

Sales centre: 1010 Fort St.

Hours: noon – 5 p.m., Sat — Thurs

Telephone: 778-265-3464

Website: http://www.bellewoodpark.com

Bellewood Park, a new residential project that will be set in two acres of green space in the heart of Victoria, will give residents something of a country living experience near the amenities of the city centre.

Located in the Rockland neighbourhood, it is the latest from award-winning home builder and developer Abstract Developments. Bellewood Park, designed by Cascadia Architects and Zebra Group, comprises 83 townhomes and condominiums that blend modern touches with heritage-inspired design.

The site was originally home to Pentrelew, a large country house built in 1875 for the Crease family. Although it was pulled down 80 years ago, some old-growth trees that once surrounded it survived. Abstract Developments has preserved the Garry oaks, and will be planting over 80 new trees to create a green oasis. Residents will find the Art Gallery of Greater Victoria within walking distance, and Upper Fort’s wide array of shops and restaurants on their doorstep.

The project has been in the works for some time and underwent many revisions to address the concerns of the community, which wanted to maintain the integrity of the historic neighbourhood.

The 83 homes include nine townhomes, eight penthouses, seven sub-penthouses and almost 60 condominiums.

“We worked tirelessly with Cascadia to maintain the park-like environment the site provided, and create a development that was in keeping with the surrounding neighbourhood,” says Brandon Williams, Abstract Developments’ director of marketing.

The townhomes, which face Pentrelew Place, are fully customizable, providing the opportunity for owners to personalize their home to fit their needs. There are three different architecturally inspired design packages – traditional, classic and contemporary – as well as customizable floor plans for all floors that include two-kitchen-and-dining layouts, the choice of a large master with guest suite or three good sized bedrooms with two bathrooms. Lower-ground floor options include a media room, home gym or private guest suite. Self-contained two-car garages offer security and storage.

“These are the perfect homes for empty nesters who want the feel of a family home without all the upkeep that goes along with them, or young families who need more space,” Williams says. “With fully customizable interiors, we can cater to all needs and tastes.”

The townhomes’ kitchen appliances include 30-inch Wolf self -cleaning double wall ovens and 36-inch gas range cooktops, Broan range hoods with stainless steel surrounds, double dishwashers from Fisher Paykel, integrated 48-inch Blomberg fridge/freezers and built-in wine fridges.

Custom cabinetry comes in a choice of finishes, including painted Italian millwork, European flat-panel cabinets in either Napa oak or walnut, with tiled backsplashes and waterfall quartz counters.

“We’ve had very positive feedback about the design of the units,” Williams says. “We wanted an understated, neutral colour palate with a focus on natural materials like wood and stone that echo the outdoor elements of Bellewood Park.”

Homes also have matte black fixtures, pendant lighting, wide-plank oak flooring throughout, and black Montigo gas fireplaces. Homebuyers have the option of wool carpeting for the upstairs floors.

Bathrooms feature free-standing deep profile soaker tubs with deck-mounted faucets and hand-held shower wands, as well as double vanities in custom millwork finishes and motion activated under counter and vanity lighting. Floors are topped with hand-set 24-by-24-inch porcelain tile.

The penthouses, sub-penthouses and condominiums, which are set back from the Fort Street side of the property, have the same custom millwork and many of the same finishes as the townhomes, including premium kitchen appliances and wood flooring throughout. Vaulted ceilings, (in the penthouse master bedroom) large skylights and 10-foot high ceilings (11 in the penthouse) will create a feeling of spaciousness. A choice of a light or dark finishes for wood cabinetry and flooring is available.

Many of the units will also have city and harbour views with large balconies equipped with patio heaters, and water lines will be set up for outdoor entertaining. The penthouses include built-in indoor/outdoor see-through fireplaces and patio garden units are also available.

 “We wanted to create homes that seamlessly blend indoor/outdoor spaces,” Williams explains. “Being surrounded by so many old-growth trees creates a truly unique experience for new home buyers.”

© 2018 Postmedia Network Inc.

Tria Homes to be part of Marpole’s revitalization

Simon Briault
The Vancouver Sun

8888 Osler

Project location: 8888 Osler Street, Vancouver

Project size: 76 homes, studios and 1-3 bedrooms, 431 to 1,101 square feet, prices starting in the $500,000s

Developer: Tria Homes

Architect: GBL Architects

Interior designer: Christina Oberti

Sales centre: 1510 West 71st Avenue, Vancouver

Hours: Currently by appointment only. Opening June 16 from noon to 5 p.m., Sat — Thurs

Telephone: 604-715-6060

Website: www.8888osler.com

Occupancy: fall 2020

Marpole, the largely residential Vancouver neighbourhood that stretches from West 57^th Avenue to the north, the Fraser River to the south, Angus Drive to the west and Ontario Street to the east, is being revitalized as part of a new community plan, and the family-owned Tria Homes is poised to be part of the change.

In keeping with other neighbourhoods in Vancouver, Marpole will see an increase in residential densification along its major arterial routes and Tria is among the first developers to take advantage near Oak Street with 8888 Osler, a multi-family home development along Southwest Marine Drive.

“Marpole is a historic community,” said Tria president Raj Nijjar. “Over the years, it’s become a bit of a forgotten part of the city, with a lot of attention being focused on Commercial Drive and the Main Street corridors.”

“With the Marpole Community Plan that was passed a couple years ago, there has been a lot of interest from developers and buyers looking to reinvigorate this area,” Nijjar added. “Our project will be the first under the new plan.”

The 8888 Osler project will be a six-storey building with ground-floor commercial spaces along Southwest Marine Drive and a total of 76 homes, including studios and units of between one and three bedrooms. The homes range in size from 431 to 1,101 square feet and prices start in the $500,000s.

Tria Homes is a local company and Nijjar explained that it started with his father building single-family homes in the mid-1980s in Vancouver. Over the years, the company transitioned into townhomes and other multi-family projects in the Lower Mainland.

The developers own the Coast Hotel next door to the project site and worked with the city to rezone the parking lot of the hotel, which is where the homes will be built, and come up with a design that is compatible with the community.

“The project is in a great school catchment, we’re three blocks from Marine Gateway, close to the airport and also just a few blocks from the new Arbutus Greenway,” Nijjar said. “The Cambie Corridor is essentially built out – there’s not a lot of sites left there – so now there’s a real interest in the area west of that to see how Oak Street and Granville Street will develop. We’re pretty much at the bottom of Oak Street and our prices are more competitive than what people would pay along Cambie.”

Residents of 8888 Osler will also benefit from the exclusive use of a large outdoor terrace on the fifth floor of the building that will have barbecues, green space, communal gardens and a children’s play area.

 “For a 70-unit, boutique project, that’s actually quite rare,” added Nijjar. “We’ve also incorporated Lumon glass balcony enclosures for the homes along Southwest Marine Drive.”

Daniel Eisenberg of GBL Architects and the lead architect for 8888 Osler, explained that the enclosures will buffer the noise and give the units much more privacy.

“It’s still indoor-outdoor space, but they will allow residents to have an enclosed balcony when the weather is not good,” Eisenberg said. “In winter, they could also work nicely to capture some of the heat from the south and heat up the units – kind of like a greenhouse effect.”

“We’re tried to respond to the different orientations of the building,” Eisenberg added. “The homes on Osler Street will be west-facing, so what we’ve done for those balconies is to provide sliding solar screens to manage the amount of sun that comes directly into the units.”

Homes at 8888 Osler will have laminate flooring throughout living rooms, dining rooms and bedrooms, Blomberg front-loading washers and dryers, roller blinds and air conditioning.

Kitchens feature two-toned cabinetry, porcelain tile backsplashes imitating the look of Carrara marble, quartz countertops, under-cabinet precision lighting, revolving corner cabinets and hidden garbage and recycling centres. The European Bosch appliance packages include 30-inch integrated refrigerators with freezers, 30-inch five-burner gas cooktops, 30-inch single wall ovens, 30-inch integrated pull-out hood fans and Panasonic microwaves with Inverter Technology.

 “We have really efficient layouts, spacious kitchens with lots of storage space and multi-functional islands that act as food preparation areas as well as for dining and entertainment,” Nijjar said.

Bathrooms feature bathtubs with inclined backrests, frameless glass showers in select homes and medicine cabinets in all bathrooms. Ensuites are enclosed in floor-to-ceiling tiles, there’s custom millwork shelving for added storage and vanity bar lighting.

“All of our one-bedroom homes are under $700,000 and it’s very difficult to find that with a westside address,” said Nijjar. “Two-bedroom homes start in the low $900,000s and there are no other westside projects that I know of at that price point.”

Nijjar said he expects 8888 Osler to be completed by October 2020.

© 2018 Postmedia Network Inc.

Developers to pay most of the cost of Vancouver?s $2.6b capital plan

Joanne Lee-Young
The Province

The City of Vancouver is presenting a plan of spending for the next four years and tucked into the fine print of a draft is a sharp increase in how much the public budget is tied to funds charged to real estate developers.

The City is proposing to spend some $2.6 billion in capital investments with significant emphasis on affordable housing and child care spaces, as well as arts and culture and community facilities.

Of the estimated total $2.57 billion, over 55 per cent, or some $1.44 billion, is earmarked to come from “development contributions,” which are raised by charging real estate developers.

It’s a big jump from the city’s last capital plan of 2015 to 2018 when development contributions were 33 per cent, or $366 million, of a total budget of $1.085 billion. In the 2012-2014 plan development contributions were $87 million out of a total budget of $702 million, or 12 per cent.

There are generally two kinds of development contributions and they have grown in size since they came into use around 2004.

Development cost levies or DCLs are typically a standard calculation. Community amenity contributions or CACs tend to be individually negotiated between the city and a developer over rezoning for a specific project and can be paid in straight cash or the building of an on-site amenity such as a pool or a community centre.

A draft of the proposed plan for the next four years includes the construction of 1,200 to 1,600 units of non-market rental housing and the creation of about 1,000 new child care spaces, according to the city.

Of the total $539 million to be spent on affordable housing, $535 million, or 99 per cent, will come from development contributions. The units of non-market rental housing will come from in-kind (rather than cash) development contributions.

For the total $117 million slated for child care, development contributions of $110 million will account for 94 per cent.

In the area of infrastructure and amenities related to arts, culture and community, the city is proposing to continue or plan renewal projects at various community centres such as Britannia and Ray Cam. It will add a new outdoor pool in Marpole.

Of the total $136 million in-kind funds that will be derived from developers, $90 million, or 66 per cent, is associated with the Oakridge project planned by Westbank and QuadReal to transform the corner on Vancouver’s west side at 41st Avenue and Cambie Street.

Some of the larger dollar value items highlighted in the city’s draft capital plan include $15 million for a new performance space, $35 million to renew and expand a library and $40 million to build a new community centre.

All of these are proposed to be part of Westbank and QuadReal’s bigger plan to transform Oakridge Centre. In addition to mixed-use buildings, there will be 10 residential condo towers with some as high as 44 storeys.

The ambitious project has yet to get a development permit, but it’s scheduled to come before the city’s Development Permit Board in midsummer.

According to the city’s website, some “development permit applications may have a significant impact on their surroundings, because of the scale and context of the project or because of community controversy about the project. Those applications are reviewed by the DPB” as opposed to going to the director of planning.

Some may consider this step of receiving a green light from the DPB a mere formality, but the notice on the architect’s file to the city for a development permit says it is applying to the City of Vancouver for permission to develop its proposed plan on this site “Under the site’s existing CD-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.”

Nevertheless, next week, city council will, according to a statement from the city, “be asked to approve in principle a borrowing limit of $495 million to support the (proposed) four-year capital plan.”

Then, there will be another round of public engagement to get feedback on the draft capital campaign and council is aiming to have a final version “to consider by the end of July.”

The Oakridge project’s application has been scheduled for the Development Permit Board on July 23.

© 2018 Postmedia Network Inc.

Residential sales set to slow further this year but recover next year, with no drop in average prices, forecasts BCREA

Joannah Connolly
Western Investor

Home sales across the province may be soft so far this year compared with the last couple of years, but this won’t be enough to bring average prices down, according to a forecast by the British Columbia Real Estate Association (BCREA).

In its quarterly outlook, the BCREA predicted that B.C. residential resales will fall nine per cent to 94,200 units this year, following 103,700 unit sales in 2017, and stay flat in 2019. However, the BCREA said that sales are “expected to remain above the 10-year average of 84,800 units into 2020.”

The report said the average B.C. home sale price this year would be $745,600, which is 5.1 per cent above 2017’s $709,577. BCREA predicted a further growth of 4.1 per cent next year, to $775,900. This average includes all property types and all regions of B.C., and doesn’t take into account larger variables between different property types and regional or neighbourhood sub-markets.

“The housing market continues to be supported by a strong economy,” said Cameron Muir, BCREA chief economist. “However, slower economic growth is expected over the next two years as the economy is nearing full employment and consumers have stepped back from their 2017 spending spree.”

Greater Vancouver home sales on the MLS for the whole of 2018 will total 37,200 units, said the BCREA. This would be a drop of 10.7 per cent compared with 2017 – but the association said resale transactions would recover somewhat in 2019 to rise 3.7 per cent.

The report predicted the average Greater Vancouver home sale price in 2018 will be $1.08 million, which is 4.7 per cent higher than 2017’s average price. BCREA added that it expected a continued slight rise of 2.3 per cent next year, to just over $1.1 million.

“Demographics will play a key role in the housing market over the next few years,” added Muir, “as growth in the adult-aged population is bolstered by immigration and the massive millennial generation enters its household forming years.”

Copyright © 2018 Western Investor

BC will see a decline in home sales through 2020

Kerrisa Wilson
other

As BC’s economy slows down over the next two years, its housing market will also ease and will be marked by declining home sales into 2020.

This year, residential sales across the province are set to drop nine per cent to 94,200 units, after seeing a record 103,700 sales in 2017, according to the British Columbia Real Estate Association’s (BCREA) 2018 second quarter housing forecast, released Thursday.

“The housing market continues to be supported by a strong economy,” says Cameron Muir, BCREA chief economist, in a statement.

“However, slower economic growth is expected over the next two years as the economy is nearing full employment and consumers have stepped back from their 2017 spending spree,” he adds.

In 2019, sales are projected to remain relatively unchanged at 94,000 units before dropping further to 84,800 units in 2020. However, these annual totals are still above the 10-year average for the province.

After four consecutive years of above-trend growth, BC’s economy is predicted to slow down over the next 12 months with real GDP hitting 2.8 per cent at the end of 2018 and 2.5 per cent in 2019.

BC’s housing market continues to be supported by the economy and a change in the province’s demographics will help drive growth in the market.

“Demographics will play a key role in the housing market over the next few years, as growth in the adult-aged population is bolstered by immigration and the massive millennial generation enters its household forming years,” says Muir.

However, Muir adds that the housing market will continue to face significant headwinds over the coming months, including rising interest rates and stricter mortgage regulations.

On January 1, The Office of the Superintendent of Financial Institutions (OSFI) introduced a stress test for uninsured mortgages.

Since its implementation, BCREA says the new mortgage rules have dampened sales across the province but its impact will ease in the near-term.

“While the effects are expected to diminish over the next several months, the legacy will be a reduction of purchasing power by up to 20 per cent,” reads the report.

In addition, BCREA notes that new housing legislation laid out by the BC government this year is also weighing on the housing market.

In February, the BC government introduced a housing plan to address the province’s housing affordability crisis, which includes raising the foreign buyer tax to 20 per cent and the implementation of a new speculation tax.

“While a foreign buyer tax and several other policies aimed at taxing wealth will do little to generate housing affordability, the negative signal to the market will likely divert investment elsewhere,” reads the report.

As for home prices, a slowdown in housing demand and rising new home completions are expected to push most BC markets toward balanced conditions this year, resulting in less upward pressure on home prices.

At the end of 2018, the average price of a BC home is expected to be $745,600, up five per cent from 2017. In 2019, the price is slated to increase four per cent year-over-year to $775,900.

© 2017 BuzzBuzzHome Corp

Neil Sharma
REP

The U.S. government yesterday announced that it is slapping tariffs on Canadian aluminum and steel, and that could be disastrous for Canada’s condominium markets.

“What’s going to happen is, depending on if Canada retaliates in kind, it will drive up our rebar prices, and we use many thousands of tons of rebar in building reinforced concrete buildings, which are all of our condominiums,” said Richard Lyall, president of the Residential Construction Council of Ontario. “That’s not good because, at the end of the day, that could have an effect on the market, which has been stressed recently by increased charges and interest rates. That could put some projects in jeopardy, in terms of cancellations, and that could have a real impact on the market.”

The U.S.’s Commerce Secretary Wilbur Ross announced a 25% tariff on imported steel and 10% on aluminum.

Typically, when costs rise, they’re passed onto consumers, who, in cities like Toronto and Vancouver, struggle with affordability. Lyall hopes the Canadian government is mindful of that when it responds.

“The costs are ultimately born by the consumer, so in our view Canada should not retaliate in kind on construction rebar because we’re going to bury ourselves,” he said. “I’m hopeful this matter will get sorted out with the NAFTA deal before long anyway, and there’s no point in throwing a wrench in the consumer’s direction in the interim.

“We’re talking big money here. I don’t want to speculate on what the increases could be, but, on a percentage basis, they’re well into the double digits.”

Toronto’s condo market has been on fire—more so now that the mortgage stress test has precluded buyers from the single-family detached market.

“With 250 cranes up in the sky, Toronto is still the hottest market in North America by a mile,” said Lyall. “It’s a tough market—a stretched market—and there have been some real challenges, price-wise, on the various costs associated with that, including development charges.”

However, Lyall was adamant that he isn’t prophesying doom and gloom for the condo market. While he called the tariffs “a serious threat,” he doesn’t believe the sector is in total imperil.

“But these things are unpredictable because, when that happens in a market like this, it creates uncertainty, then people get cautious and then it could cause some cancellations, which could have an effect on government coffers—they make a lot of money off of us—and new homebuyers.”

Sam Crignano, president of Cityzen Development Group, which builds high-rise residential towers in downtown Toronto, echoed Lyall before adding that he wasn’t surprised to hear about the tariffs. Although he believes news of the tariffs is disconcerting, he isn’t panicking.

“It creates uncertainty, which is never good for any industry—especially ours,” said Crignano. “We’ve heard about this for quite some time, and all the news we’ve gotten about tariffs is the prices will increase, but it would be nice to hear why prices will increase. If we’re importing a lot of aluminum from the U.S.—and don’t forget, we’re a big producer too—I’d be surprised if we can’t domestically produce what the demand is.”

Copyright © 2018 Key Media Pty Ltd