The lumber market is continuing to experience a steady stream of price increases. The only thing for sure in the market is that the prices next week will likely be higher than those this week. Also as certain is that the supply of building material is uncertain.

The soaring prices and product shortages have greatly affected our clients from the developers, builders to home purchasers. The lumber market has also had a significant impact upon the real estate sales which affects the volume of residential closings. While we all like certainty and stability in the market, that is not always possible within our industry. With the shortages and price increases, we have advised our builder clients of the need to ensure force majeure clauses and escalation clauses are included in building contracts.

In the event you find that you need legal assistance in your business dealing with the uncertain price increases and product shortages, please do not hesitate to call. In the meantime, I hope you will find this video from Bloomberg edifying.