{"id":16599,"date":"2020-10-23T11:11:00","date_gmt":"2020-10-23T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16599"},"modified":"2020-10-23T09:09:12","modified_gmt":"2020-10-23T16:09:12","slug":"shortages-for-lumber-other-building-materials-are-driving-up-construction-costs","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/10\/shortages-for-lumber-other-building-materials-are-driving-up-construction-costs\/","title":{"rendered":"Shortages for Lumber &#038; Other Building Materials are Driving Up Construction Costs"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian new home prices recorded their sharpest one-month gain in three years with higher demand and rising costs for building materials.<\/p>\n<p style=\"text-align: justify;\">Prices rose 0.5% in August, Statistics Canada said Monday in Ottawa. That\u2019s the biggest increase since May 2017. Gains were recorded in most of the country\u2019s big metropolitan centres.<\/p>\n<p style=\"text-align: justify;\">The data are consistent with other indicators showing Canada\u2019s housing market hitting new all-time highs in recent months as pent-up demand for homes combines with tight inventory levels and historically low interest rates.<\/p>\n<p style=\"text-align: justify;\">The statistics agency said shortages for lumber and other building materials are driving up construction costs this year, a situation it expects will persist. It cited homebuilders as saying record high lumber prices this year will probably add $5,000 (US$3,770) to $10,000 to the cost of a single family home.<\/p>\n<p style=\"text-align: justify;\">Vancouver recorded a 1% gain in August, while Toronto was up 0.3%. From a year earlier, new house prices have increased 2.1%, the largest year-over-year gain since March 2018.<\/p>\n<p style=\"text-align: justify;\">The new housing price index measures the change in the sale price of new single, semi-detached and row houses, but excludes condos.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/financialpost.com\/real-estate\/mortgages\/new-home-prices-in-canada-jump-most-in-three-years-on-lumber\" target=\"_blank\" rel=\"noopener noreferrer\">Prices of New Homes in Canada Jump The Most in Three Years as Lumber Costs Rise<\/a> by Erik Hertzberg &amp; Theophilos Argitis | Bloomberg News | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian new home prices recorded their sharpest one-month gain in three years with higher demand and rising costs for building materials. Prices rose 0.5% in August, Statistics Canada said Monday &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/shortages-for-lumber-other-building-materials-are-driving-up-construction-costs\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16599","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shortages for Lumber &amp; Other Building Materials are Driving Up Construction Costs &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/shortages-for-lumber-other-building-materials-are-driving-up-construction-costs\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Shortages for Lumber &amp; Other Building Materials are Driving Up Construction Costs &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian new home prices recorded their sharpest one-month gain in three years with higher demand and rising costs for building materials. 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