Lumber prices have been like a wild roller coaster ride since the COVID-19 pandemic started. Prices peaked at a record high of $1,733 per thousand board feet in May 2021 as demand for homes picked up and supply chain woes plagued sawmills across Canada.

But since lumber’s May 2021 peak, it’s been nothing but downhill for the commodity, with a peak-to-trough decline of 71%. The weakness accelerated in 2022 as higher mortgage rates helped cool down the booming housing market, which fueled demand for lumber as homebuilders sought to cash in on the demand spike.

The price drop has been a major benefit for consumers, who now enjoy cheaper lumber costs for their homebuilding and renovation needs.

Looking ahead, there’s no telling where prices will go from here. Some analysts predict that the markets will rebound later this year as the housing market stabilizes, while others forecast further price declines as the economy weakens.

Whichever way the wind blows next, one thing is for sure: The wild ride for lumber isn’t over yet.
What Does This Mean for Home Renovation?

For home renovation, this is good news. Lumber costs have been on a steady decline since the beginning of the year, meaning that renovating your home will be cheaper than it would have been just a few months ago.

If you’re considering doing any home renovations in the near future, now is a great time to start shopping around for lumber and other materials. You can get fantastic deals on lumber that can save you a lot of money on your overall renovation costs.

What Does This Mean for Homebuilding?

The decline in lumber costs is bad news for homebuilders struggling to keep up with the booming demand for new homes. The higher prices made it difficult to turn a profit on new home construction, and the recent price declines will only add to the pressure.

That said, the long-term outlook for the housing market remains strong, so builders that can weather the short-term storms may be well-positioned to take advantage of the strong demand when the market eventually recovers.

Now Let’s Talk Kitchen Renovation

If you’re beginning to think about renovating your kitchen, you may wonder how the recent decline in lumber costs will impact your renovation budget.

For the most part, the lower lumber costs won’t significantly impact your kitchen renovation costs. Instead, most of your budget will likely be spent on custom cabinetry, the perfect upper cabinets, countertops, energy efficient appliances, and flooring, which aren’t typically made with lumber.
However, if you’re planning on doing any custom woodworking as part of your kitchen renovation, you can save money by shopping for lumber. Then, upgrade the existing cabinets or get rid of them altogether. The lower prices could allow you to get the custom cabinetry or countertops you want without breaking the bank.

And even if you want to save a little, the savings in a lower lumber cost could also mean semi custom cabinets are an option now.

Your kitchen remodel or renovation is an investment, so getting the most out of your budget is essential. Use the lower lumber costs to your advantage and get the kitchen of your dreams without overspending.

What else can you do with all the potential savings? Why not take a look at that tile backsplash or some task lighting? Give that kitchen the upgrade it deserves, adds a kitchen island and a farmhouse sink, and throw some savings toward stainless steel appliances. When it comes to giving a kitchen an innovative and sophisticated look, not much can beat stainless steel appliances, especially with the proper cabinetry and a cosmopolitan and sharp-looking kitchen island to compliment it. And, of course, with lower prices for lumber, you can now take a closer look at hardwood floor options as well.
With the potential savings, your kitchen remodeling projects are entirely within reach. Your kitchen remodel is going to look amazing!

Of course, it’s always a good idea to get multiple quotes before starting any home renovation, so be certain to compare prices from several contractors before making any final decisions.

Kitchen Makeover Tips and Ideas

Your kitchen is the humming and vibrant heart of your home and should be where you enjoy spending time. Whether it’s a night in and you’re cooking a meal for your family or entertaining guests, your kitchen should be comfortable and functional. It just might be time for a makeover if your kitchen doesn’t meet your needs.

There are three general approaches to kitchen makeovers: a minor remodel, a major remodel, and an upscale remodel.

Minor remodels typically involve replacing old appliances and installing new countertops, while major remodels typically involve an absolute gutting of the entire kitchen and starting from scratch.
Upscale remodels are somewhere in between, often involving high-end materials and custom features. But, no matter your approach, there are a few things to keep in mind to ensure a successful kitchen makeover.

First, developing a clear vision for your new kitchen is essential. What kind of style are you going for? What types of appliances do you need? What sort of layout would be the most beneficial for your space? Once you have a good idea of what you want, finding the right contractor and getting the project underway will be much easier.

Second, it’s essential to set a budget and stick to it. Kitchen makeovers can be expensive, so it’s important to know exactly how much you’re willing to spend before making any decisions. Otherwise, you just may very well end up with a beautiful new kitchen over budget.

Finally, it’s important to be patient. A kitchen makeover is a big project that can take several months (or even longer) to complete. If you’re not willing to wait, consider a different approach, such as a simple remodel or an upscale one. But if you’re just a little bit patient and willing to wait for the perfect kitchen, the results will be worth it.

Let’s take a closer consideration at some of the details that define a remodel:

Kitchen Layout

Your kitchen layout will significantly affect how functional and comfortable it is. If you’re unhappy with your current layout, consider changing it during your remodel. For example, you might choose to add an island or peninsula or change the location of your appliances.

Everything else depends on the layout and design of your kitchen. If this area isn’t thought out or well designed, the rest of your home will likely suffer as a result.

Focal Point

The focal point of your kitchen is the first thing people will see when entering the room. Therefore, it’s crucial to choose a focal point that matches the overall style of your kitchen. For instance, a fireplace might make an excellent focal point if you have a traditional kitchen. However, an island might be better if you have a modern kitchen.

Open shelves are a great way to show off your dishes and glassware. If you have the added space, an island can be a great addition to your kitchen. It gives you extra counter space and can also be used as a breakfast bar or buffet.

Corner shelves are a great way to increase space in your kitchen. If you have a small kitchen, consider adding a corner shelf to help make the most of your space.

When it comes to countertops, there are an abundance of options to choose from. A concrete, simple stone, or stainless steel countertops are a good choice if you’re looking for a durable and affordable option. However, granite or marble countertops might be a better option for a more upscale look.
And no focal point discussion is complete without talking about backsplashes. Subway tiles are a popular and affordable option, while glass or mosaic tiles can give your kitchen an upscale look.

Comfy Seating

Your kitchen should be a comfortable place to gather, so make sure you have enough seating for your family and friends. An island is a superb way to increase your seating, as well as extra counter space.
If you don’t have room for an island, consider adding a breakfast nook or banquette. A dining table is also a great option if you have the space.

Lighting

Good lighting is essential for any kitchen. Not only does it help you see what you’re doing, but it can also make your kitchen look bigger and brighter.

Natural light is always best, so consider adding skylights or windows during your remodel. If you don’t have much natural light, consider adding artificial lightings, such as pendant lights or recessed lighting.
And don’t forget about task lighting. This type of lighting is essential for food prep and cooking. Under-cabinet lighting is a popular option, providing plenty of light without being obtrusive.

Flooring

The flooring you choose can significantly impact your kitchen’s overall look and feel. Hardwood floors are always a good option if you’re going for a traditional look. However, tile or laminate might be a better choice if you want something more modern.

Cabinetry and Hardware

Your cabinetry and hardware are two of the most important aspects of your kitchen. They set the tone for the entire space and can make or break the overall look. If you’re not happy with your current cabinets, consider replacing them during your remodel.

You’ll also want to consider the type of hardware you use. Knobs and pulls come in a variety of styles, so you’ll want to choose something that fits with the overall look you’re going for.

Appliances

Appliances are another important part of any kitchen. They can be very expensive, so it’s important to choose carefully. Stainless steel appliances are always a good choice if you’re going for a traditional kitchen. However, if you want something more modern, consider black or white appliances.

Fixtures

Fixtures are the finishing touches in any kitchen. They include things like faucets, kitchen sinks, and light fixtures. It’s important to choose fixtures that match the overall style of your kitchen. For instance, if you have a traditional kitchen, you might want to choose fixtures with a more classical design. However, if you have a modern kitchen, choose fixtures with a more contemporary design.

And don’t forget the importance of having the right kitchen sink!

There are many different types of kitchen sinks on the market, so choosing one that fits your needs is important. A stainless steel sink might be a good choice if you’re looking for a stylish and functional sink. However, a porcelain sink might be better if you’re more concerned about function than style.

No matter what type of kitchen you’re looking for, keep these tips in mind, and you’ll be sure to find the perfect one for your home.

These are just a few of the things to keep in mind when planning a kitchen makeover. By developing a clear vision, setting a budget, and being patient, you can ensure that your kitchen makeover will be a success.

The Bottom Line

The recent decline in lumber costs is good news for home renovation budgets, especially those considering a kitchen remodel. Give your kitchen the upgrade it deserves while the costs of lumber are down. Whether your kitchen remodel calls for a lot of woodwork or not, the savings are still there.
The long-term outlook for the housing market remains strong, so builders that can weather the short-term storms may be well-positioned to take advantage of the strong demand when the market eventually recovers.

Edgebanding’s mission is to provide our customers with exemplary service and quality products at a competitive price on time.

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David Simson

The author, Dr. David K Simson is a trained radiation oncologist specializing in advanced radiation techniques such as intensity-modulated radiotherapy (IMRT), image-guided radiotherapy (IGRT), volumetric modulated arc therapy (VMAT) / Rapid Arc, stereotactic body radiotherapy (SBRT), stereotactic radiotherapy (SRT), stereotactic radiosurgery (SRS). He is also experienced in interstitial, intracavitary, and intraluminal brachytherapy.