If you’ve been watching the market, you’ve probably noticed steel building prices haven’t exactly been predictable. Whether you’re planning a workshop, garage, warehouse, or barn, understanding what’s happened to steel and lumber prices in Canada since 2020 can help you make a smart call on timing.
Steel Prices Since 2020
| Date Range | Steel Prices (CAD/metric ton) |
|---|---|
| Early 2020 | $725 |
| Mid-2021 Peak | $2,400 |
| 2023–2025 Range | $1,200 |
When the pandemic hit, supply chains took a beating, and steel was caught in the middle of it. Prices started low in early 2020, but by mid-2021, demand shot up, supply ran short, and costs spiked fast. Prices have since settled — but the Canadian market’s more recent story is different from the pattern south of the border. Through 2025, U.S. tariffs on Canadian steel and aluminum cut off a major export market for Canadian mills, pushing domestic Canadian prices meaningfully below U.S. levels — by as much as 40% at points in 2025. In response, Canadian steelmakers including Stelco and ArcelorMittal announced price increases in late 2025 to support domestic profitability, so Canadian prices have been climbing back even as the underlying dynamic (tariff-driven weakness, not supply-driven strength) differs from the U.S. market’s current tight-supply spike.
How Lumber Compares
| Date Range | Lumber Prices (CAD/1,000 bf) |
|---|---|
| Early 2020 | $500 |
| Mid-2021 Peak | $2,100 |
| 2023–2025 Range | $750 |
Lumber prices had their own wild ride — you may remember the headlines when plywood prices went through the roof. Things have calmed, but prices are still noticeably higher than a few years ago. Steel building prices have held up better over time — steel’s strength, lifespan, and weather resistance make it a dependable, cost-effective choice for something meant to last.
Why Canada’s Steel Market Looks Different Right Now
- U.S. tariffs on Canadian steel have restricted access to what was previously a major export market
- Reduced export volumes have pressured Canadian mills to compete harder domestically, which has kept prices lower than U.S. levels
- Canadian producers have responded with targeted price increases to protect domestic margins
- Ongoing trade policy uncertainty makes it genuinely difficult to predict which direction Canadian pricing moves next
This is a different situation from the U.S. market’s current supply-driven spike — Canadian pricing pressure is coming from trade policy and export access, not domestic supply constraints. That distinction matters if you’re trying to time a purchase: the Canadian market’s next move depends more on how trade policy develops than on mill capacity decisions.
What This Means for Canadian Buyers
A weaker relative Canadian steel price has been a genuine, if unintentional, advantage for Canadian buyers over the past year — projects priced during this period benefited from costs that hadn’t fully caught up to global levels. That advantage is narrowing as domestic mills raise prices, but Canadian steel building costs still generally compare favorably against the same building priced in the current U.S. market. Because the underlying driver is trade policy rather than a supply shortage, this is worth revisiting periodically rather than assuming today’s relative pricing gap holds indefinitely.
Domestic Canadian Sourced Steel
Toro uses Canadian-sourced steel from ArcelorMittal Dofasco to ensure consistency of supply and quality for Canadian customers.
Locking In Today’s Pricing
Because raw material costs can shift between the time you request a quote and when your building is fabricated, most suppliers — Toro included — hold pricing for a defined window once a quote is issued and a deposit is placed. Given how much trade-policy uncertainty is currently affecting the Canadian steel market specifically, confirming your supplier’s price-lock terms is worth doing regardless of which direction you expect prices to move.
Permits, Codes & Engineering
Regardless of current pricing, every Toro building shipped to Canada is engineered to the same standard: the National Building Code of Canada, with steel component design following CSA Group standards. Toro’s in-house engineering team calculates your building’s design loads for its specific Canadian address before it ships.
Related Building Types
US Steel Building Prices & Market Trends | Steel Building Prices | Why the Canadian Steel Industry Is Flourishing
Get Current Canadian Pricing for Your Project
Toro Steel Buildings can give you an accurate, project-specific quote reflecting current Canadian market conditions. Request a free quote to get started.