If you have tried doing a home renovation in the past year it probably turned out to be more expensive than you thought. There are a number of factors driving this (labor shortage, increased demand etc…) and one of the main ones in material cost – more specifically the price of lumber. Well the numbers are out and lumber futures dropped 40%+ in June. This is coming off a 10%+ drop in May.

It might take a minute to filter down to the retail consumer but this is positive news for people who have been putting off renovation projects due to the 3x prices we saw the past year. So, feel better about building that deck, or installing that shiplap feature wall. Build that teak-wood fence in your front yard and give your house that cool modern look that your neighbors will call you an artful yuppy liberal for while secretly wanting one. Or roll the dice and wait another month to see if prices continue to fall and save a few more bucks.

Written by: Moiz Tayabji