There’s no denying it—Canada is facing new trade tariffs from the U.S., and that means the cost of many goods could be heading upward. From groceries and household items to building materials and even appliances, we’re likely to feel the pinch in more ways than one.
But before the panic sets in, take a deep breath. While this kind of news can feel unsettling this is not the first nor will it be the last time we have faced financial uncertainly. It is crucial to maintain a positive outlook especially when you’re trying to manage your finances or make big life decisions like buying or maintaining a home. It’s also a chance to regroup, get proactive, and make smart choices that help you come out ahead.
In 1992 we were in the middle of a recession and it was at that time I found myself selling my Collingwood home as the result of a job relocation to the U.S. Here are a few ways that I utilized back then to help me navigate uncertain times with confidence—and even turn them into an opportunity to strengthen your financial position. Now after over 30 years, these proactive tips still apply and perhaps even more so.
1. Review (and Refresh) Your Budget
Start by taking a close look at your monthly spending. If you haven’t checked in on your budget in a while, now’s the perfect time. Factor in potential increases in everyday costs—like groceries or gas—and see where you can trim without feeling deprived. Small adjustments, like cooking more meals at home or delaying a few non-essential purchases, can add up faster than you think.
2. Rethink Big Purchases (Especially for Your Home)
With tariffs driving up the cost of certain goods, now’s a good time to pause and think strategically before making any large purchases—especially those tied to your home. Whether you’re planning a renovation, shopping for new appliances, or considering a move, the ripple effects of higher material and manufacturing costs can show up in ways you might not expect.
For homeowners thinking about renovations, the price of imported materials like lumber, drywall, tile, and even hardware could rise. That doesn’t mean you need to shelve your plans altogether—but it may be wise to. If not look at the following options:
- Get multiple quotes from contractors and suppliers to compare options.
- Look into Canadian-made alternatives, which may be less impacted by tariffs.
- Consider phasing your project, tackling smaller sections now while leaving more flexible parts for later.
Even small improvements, like updating fixtures or painting, can make a big difference without stretching your budget.
If you’re shopping for new appliances or home systems—like a furnace, air conditioner, or water heater—be aware that prices could climb due to increased production and transport costs. If a replacement isn’t urgent, it might make sense to wait it out or keep an eye out for seasonal sales or warehouse clearances.
Thinking of buying a home? This could actually work in your favour. Some Buyers may pause during economic uncertainty, which could mean less competition for you. And if you’re already a homeowner looking to move, knowing how to price your home smartly (and understanding what costs may be coming on the buying side) can help you stay ahead of the curve.
The key here is to plan thoughtfully, spend intentionally, and keep the big picture in mind. A well-timed purchase—even in a shifting market—can still be a smart one.
3. Get Pre-Approved (And Stay Mortgage-Savvy)
If homeownership is on your radar, now is a good time to get pre-approved for a mortgage and perhaps lock in a rate if possible. Tariffs can indirectly affect interest rates if they contribute to inflation, so being proactive can give you a leg up and help you better understand your buying power in today’s market.
Already a homeowner? Consider reviewing your mortgage and speaking to a financial advisor about whether refinancing or adjusting your payments could give you more flexibility.
4. Shop Local Where You Can
Supporting local businesses isn’t just good for the community—it can help you save money too. Locally made goods are less likely to be affected by tariffs, and when you shop close to home, you often avoid additional shipping or handling costs. With an upcoming kitchen renovation in my own home, my wife and I have shopped wisely and will be using locally sourced goods from custom cabinets to local trades. During this process we engaged a local designer with great insight and connections.
5. Stay Positive and Keep Perspective
Yes, trade tensions can cause ripples in the economy, but as stated above Canadians have weathered these storms before—and we’re good at adapting. By focusing on what you can control, you’ll be in a stronger position to handle whatever comes your way.
Thinking About Buying or Selling in Southern Georgian Bay?
If you’re considering buying or selling property in the Southern Georgian Bay area—or even just keeping an eye on what’s happening locally—I’d be happy to help. With over 20 years of experience in our market, I can offer insights tailored to your goals, even during times of economic uncertainty.
Feel free to reach out any time at 705-443-1037 or by email at rcrouch@sothebysrealty.ca. and let’s keep the conversation going to find the right move for you—whatever the market brings.
NOTE: The author is a Broker, Market Value Appraiser-Residential with Sotheby’s International Realty Canada and a Past President (2008) of the One Point Association of REALTORS®.
This is information is not intended to solicit properties currently listed For Sale or to induce a Seller or Buyer to terminate an existing agreement with another Brokerage.