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It’s no secret that the price of lumber has increased significantly in 2021, making it more expensive than ever for homeowners to renovation their properties to add more liveable space. According to Market Insider, the prices of lumber have dropped, but are still significantly higher than pre-covid levels. And we likely won’t see these prices for lumber drop in at least the next five years.
The high price of lumber has significantly impacted those looking to start on a new build in order to create more room for their family or generate income from a suite (extremely common in urban areas like Vancouver).
Why are lumber prices so high in Vancouver?
Due to lumber shortages, stemming from supply chain issues as a result of COVID-19, the price of lumber has drastically increased in 2021. This has had a direct impact on homebuilders and homeowners, as the price of lumber has nearly tripled. As supply has begun to stabilize and new normal is in sight, homebuilders are booking out future jobs and maintaining a consistent demand for lumber.
In an article by CBC in April 2021, they estimated the average homeowner would spend an additional $30,000 on home renovations compared to other years due to increasing lumber prices.
Despite the high cost of lumber, the pandemic has also shown us that more space is more valuable than ever. The housing marketing is booming, and home renovations are steadily increasing. Houzz indicated a 58% increase in leads to construction and home improvement companies. More time at home, means more home projects!
So how can people save money on their home renovations?
Lumber saving home renovations
Compared to other methods of adding space (i.e, building a new house, framing a new addition, lifting a house and having to rebuild exterior walls), basement lowering typically uses less lumber. This is done by mostly using concrete & steel.
For an underpinning job, lumber is primarily used for creating concrete forms. Often times, the lumber is removed after pouring the concrete and is saved to use on the next job.
Underpinning is a method of basement lowering that helps you get more liveable space from your existing infrastructure. Learn more about basement lowering in our blog, underpinning 101.
If you want to learn more money saving renovation tips, read our article about the 4 benefits to basement lowering. Or learn more about how we can help on your next project by contacting us!