Many have you may be following the ongoing lumber trade dispute between the US and Canada over the last few months. Today, the National Association of Home Builders issued a statement denouncing a proposed 20% tariff on all Canadian lumber imports. 95% of the lumber currently used in the United States is imported from Canada, and it is the essential building component used in all levels of residential construction. So regardless whether you are planning an addition, or renovation project, or a custom built home, plan on seeing the overall cost of your project increase this year as this trade dispute continues.

Here on Cape Cod, we have seen lumber prices steadily increasing since late 2016. It is unfortunate, that our government has not taken more aggressive action to curb this sort of situation. Housing, at all levels, from starter homes to elaborate custom homes, is a vital part of both the national and local economies. After watching regulations steadily increase over the last 7 years, it is disappointing to see this lumber dispute add additional unnecessary costs to the construction process. Lumber makes up approximately 7-10% of the overall cost of a new home, so a 20% increase in materials costs will add about $3,600 to an average home, and can easily add $10,000 to $20,000 to the cost of a larger custom home or renovation project.

Here's more info from the NAHB: Proposed Lumber Duties will Harm Housing

Let's hope we can get this resolved quickly!

If you are considering a new custom home, addition, or remodel on your Cape Cod property, Contact Us today!