Sumary of Pandemic lumber boom burnt itself out — and consumers poised to benefit now:
- Homeowners who resisted the urge to renovate during the first 18 months of the pandemic may find now is their chance, as lumber prices that soared to dizzying heights in the spring have crashed back down to earth.
- , owner Glen Peacock said retail prices have “collapsed” in recent weeks.
- An eight-foot-long, two-by-four inch piece of framing lumber that cost $12.65 on June 1 is now selling for $3.95, Peacock said — basically what it would have sold for before the boom.
- ” A pandemic-driven surge in home renovations and do-it-yourself projects sent shock waves through the home improvement and construction industries earlier this year.
- North American lumber prices hit record highs of more than $1,600 US per thousand board feet in May — three times higher than pre-pandemic levels.
- The price roller-coaster had customers pre-ordering lumber months in advance to ensure supply and even resulted in a spate of opportunistic thefts from construction sites across North America.
- But the ride has come back down even faster than it went up — and that means many retailers have been stuck trying to get rid of product they purchased at higher prices.
- Many lumber yards have drastically cut back on production until the backlog of unsold wood moves.