The cost of lumber is causing some Newfoundlanders and Labradorians to delay their homebuilding and reno plans. That’s according to Alexis Foster, the CEO of the Canadian Homebuilders Association-NL.

That after a bit of a boom in home renovations last year thanks in part to a subsidy program introduced by the provincial government. Some 11,700 people applied for the subsidy last year and while the deadline to get that work completed is the end of June, conversations are underway to have that deadline extended.

The talk this year is the cost of lumber.

Lumber prices are continuing to rise—nearly triple what it was last year in some cases—with no end in sight according to some in the industry. Increased demand, and tight supply as a result of the pandemic are to blame.

Foster believes relief is coming, but it won’t be for some time, and many can’t wait.

The CHBA says it will be a couple of years before prices return to pre-pandemic levels. Foster indicates while some of their members have encountered some customers who are holding off on home building plans for the time being, many have decided to bite the bullet and get the job done.