Soaring lumber and wood panel prices are adding thousands of dollars to the cost of building a home in Canada as strong renovation and new housing demand outstrip supply. The run-up over the past several weeks has demolished the previous North American record high of $650 US set in mid-2018, he said, adding prices for other building products are rising just as quickly. "Right now we're not affected but, come Sept. 1, when we're building houses, it's going to be a huge increase for us because we've eaten it (higher prices) along the way." Canadian lumber production declined by 18.9 per cent in May, he said, with B.C. 's lumber industry, cut back and closed mills in 2019 in response to limited log supplies and a plunge in lumber prices from record highs the previous year.

Source: CBC News August 14, 2020 20:37 UTC