b'TCA AGM 2025157 THTCA ANNUAL MEETINGMEETING CHALLENGES DURING INDUSTRY UNCERTAINTY By Warren HeeleyON FEBRUARY 25TH, the Toronto2023, were causing a constructionand audit team for making the audit Construction Association (TCA) helddownturn, particularly in the residentialprocess efficient and effective.its 2025 annual meeting at the Richmondhigh-rise sector. Add to this the labour Hill Country Club. In attendance werecrisis, which is forecast to create aChair Applebaum then took the attending more than 150 members and guestsshortage of more than 350,000 workersmembers through the approval of the who heard a keynote address by Niallby 2050, and immigration policies thatfinancial statements for 2024, the 2025 Finnegan, partner with Finnegan Marshaldo not favour the workers needed byBoard of Directors and the auditors for Inc., on the state of the constructionthe industry have resulted in a difficult2025 (Hillborn LLP). He noted that the industry in the GTA and reports on thesituation for many industry companies.association is in excellent shape to deal accomplishments and financial health ofHe noted that these factors are makingwith the uncertainty currently happening TCA. The Best of the Best Awards for TCAit very expensive to build in all areas ofand to deal with industry challenges in members who excelled in 2024 were alsothe country and have created a seriousthe future.presented. (See BOTB article on pg. 14.) concern for high-rise residential inthe GTA. KEYNOTE ADDRESSChair Ed Applebaum welcomed thoseHe went on to say that TCA has budgetedMollenhauer introduced the keynote present and reviewed the agenda for thefor this time of uncertainty and introducedspeaker, Niall Finnegan, who is a partner meeting. He confirmed that a quorumnew events and programs to assistwith Finnegan Marshal Inc. The company of members was present to conductmembers through this period of slowerprovides consulting services to developers the required association business atgrowth. The events and programsand lenders involved in the construction the meeting. He also acknowledgedintroduced have all been sold out,industry including entire project the Indigenous groups on whose landwhich confirms members need to stayproformas and negotiating contracts for the meeting was being held. He thenahead of the current uncertainty. Theprojects. Finnegan has had a lengthy introduced John Mollenhauer, presidentassociation has also put in place a newcareer in this sector of the construction and CEO of TCA, to provide his report. accounting system, and he thanked theindustry in both Ireland and Canada. AGM REPORTS volunteers and staff who have beenHe informed the audience that he was Mollenhauer reported that it was anhard at work on new services for thegoing to talk about the slowdown in interesting year for the constructionmembership. Many of the programs andconstruction over the last year and how industry in 2024one that was filledevents were focused on the three majorthe GTA industry can get out of this with uncertainty. In the coming monthspriorities for the association: continuingdownturn. He indicated that the slowdown work to deal with the labour shortage, of 2025, the industry is facing both aincreasing the number of women in thehas hit the residential high-rise sector provincial and federal election, whichconstruction industry and showcasingparticularly hard. Residential high-rise is one of the causes of uncertaintynew technologies. projects have dropped from 76 per cent of along with the looming Trump tariffs onthe activity in the GTA in 2023 to 48 per Canadian goods and questions aboutDerek Chan of Hillborn LLP then wentcent in 2024. Starts in residential high-who will be the next prime minister ofthrough the TCA financials for 2024.rise in 2024 are down 45 per cent from Canada. The 2024 year was significantlyThe audit was a clean opinion in everythe usual numbers in previous years.different than the previous boom yearsrespect, including a small increase in the construction industry was used to.association revenue from the previousSo why is this occurring? Finnegan year. He felt the current financial positionindicated that increases in the cost of High interest rates, inflation and unheard- puts the organization in an excellentbuilding and high interest rates have been of debt-to-GDP ratios, which began inposition and thanked the managementthe main reasons for the drop in demand. 32Quarter 12025 BUILDERSDIGEST'