Chances are you have heard of the dramatic increase in lumber prices. In fact, the price of wood products is currently at an all-time high in North America due to increased demand and reduced production capacity due to the impacts of Covid-19.
According to data from the Association des professionnels de la construction et de l’habitation du Québec (APCHQ), the price of wood construction materials such as studs, beams and columns has increased by an average of 70% over the course of the last few months.
For example, an eight-foot dried spruce two-by-four that sold for $ 2.49 a few months ago is now selling for $ 5.25, a jump of 111%
Obviously, such an increase may give rise to concerns. The steep rise in prices may suggest that it will cost you thousands of dollars more for your renovation project, but it is far from the case. While rising prices are likely to have a big impact on new construction, when it comes to home improvement, there is no need to panic.
Indeed, it is important to put everything in perspective. Often included in construction, the renovation sector is quite different. The impact on renovation projects is therefore far from being as dramatic as in construction.
Because, in total, for the majority of renovation projects, such as a kitchen or a bathroom, wood represents only about 1.5% of the cost of the work. Most of the budget for this type of renovation is, in fact, related to labor and finishing materials.
Therefore, for example, for a renovation project worth $ 25,000 the increase in lumber prices ultimately only represents an increase of about $ 375. Nothing to ruin your project.
In addition, it is worth noting that the increase is limited to wood. The prices for other components that could go into your renovations, such as insulation, gypsum board, roof shingles and others have not experienced a major price increase.
No need, therefore, to say goodbye to your project!