Lumber prices starting to come back down to earth
Lumber prices that took off during the height of the pandemic are finally starting to come down.
Although demand is still strong, an increase in production is allowing the supply to catch up, but not before some paid up to three times more to complete home renovation projects.
Randy Bourque just completed a steel-covered roof to cover part of his backyard deck
"I’ve been in construction for quite a while and when I estimated that it would cost, it was a good 50 per cent more than what I had anticipated," says Bourque of Yarmouth.
That means the price to keep Bourque and his family cool went from about $500 to just over $1,000.
During the height of the pandemic, supply stalled as prices skyrocketed. Those in the lumber business were actually worried prices would climb too high, resulting in a slow-down in construction.
Robin Wilber runs a lumberyard in Elmsdale, N.S. He says as lumber production is now able to ramp up, prices are now starting to come down.
"It’s coming down a lot, within the last month it’s dropped about 40 per cent," Wilber says.
That’s good news for Bourque, he has other projects in mind, but says he's going to hold off until the price of lumber comes down a bit more.
CTVNews.ca Top Stories
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
U.S. vetoes widely supported resolution backing full UN membership for Palestine
The United States vetoed a widely backed UN resolution Thursday that would have paved the way for full United Nations membership for Palestine, a goal the Palestinians have long sought and Israel has worked to prevent.