If you were looking to renovate or build a side project but high prices held you back, now is the chance as lumber prices plummeted on Wednesday. Many homeowners fought back the urge to renovate during the first 18 months of the pandemic as lumber prices were soaring. Now that the prices are back down to earth, many people are seeing the impact.
In Oshawa, Peacock Lumber, owned by Glen Peacock said retail prices have “collapse” in the recent weeks. According to Peacock, an eight-foot-long, two-by-four inch piece of framing lumber was $12.65 on June 1 and is now selling for $3.95. He explained that the price now is similar to the price before the pandemic began.
The reason prices increased drastically was because of the pandemic-driven surge in home renovations creating bigger demand. North American lumber prices went to more than $1,600 US per thousand board feet in May. That was a record high price and was three times greater than pre-pandemic levels.
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