Construction prices are still going up in Canada, but the upward momentum has slowed on the heels of a deal between Ottawa and Washington, D.C., to scrap tariffs on steel and aluminum. The levies, 25% on steel and 10% on aluminum, helped push up construction prices in Toronto by as much as 8% last year, with sizeable increases also in Montreal, Vancouver and Ottawa.

But even with the end of tariffs in May, other issues—including a booming construction market, worker shortages and a multibillion-dollar federal infrastructure program kicking into gear—will likely keep up pressure on costs, experts say.