Canadian softwood lumber used to build U.S. homes currently carry tariffs of about 20%. That adds $9,000 to the price of a typical new home and more than $3,000 to the cost of a multifamily unit, NAHB said. At a time when all eyes are on U.S. housing affordability issues, the trade dispute with Canada is “needlessly driving up housing costs,” Greg Ugalde, chairman of NAHB, said in a statement.
The housing market has been in a bit of a slump, and a number of industry players are banking on a coming wave of Millennial homebuyers to prop it back up. But according to a recent article in The Wall Street Journal, those young buyers may never come knocking.
In April, existing home sales fell slightly from the previous month, but growing inventory signaled improvement in the market, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said he is not overly concerned about April’s 0.4% dip in sales and expects moderate growth very soon.