NOVEMBER 2025 BUILDING MATERIAL MARKET REFLECTION
Building Material Market Overview
The overall tone of the market remains subdued as we move into the holiday season. With year-end approaching, we can expect the seasonal slowdown to continue. Pricing and demand have shown little meaningful movement, and takeaway continues to track at a restrained pace.
Western SPF lumber: 2×4 material continued to bear most of the downward pricing pressure. Other dimensions generally held firm.
OSB: The OSB market continues to exhibit softness in activity. After several weeks of balanced takeaway, momentum has tapered off as the month comes to a close.
Plywood: The plywood market remains soft, with mills maintaining modest order files. Buyers continue to exercise caution, leaning on distribution inventories and purchasing truckload volumes only as needed.
EWP: Supply conditions remain stable for both Joist and LVL with no reported disruptions or shortages.
Building Materials: The supply chain continues to remain consistent with material availability and lead times, outside of the occasional logistical delay.
Looking Through the Crystal Ball
Market uncertainty persists as mills continue to announce production curtailments in response to the combined 45% duty and tariff on U.S. exports. Despite these supply-side adjustments, demand remains muted, and pricing is beginning to soften.
Further curtailments are expected as mills attempt to align production with current demand. Until demand improves, pricing will likely remain under pressure.
Short-Term Outlook
Immediate needs buying remains the prevailing trend, with most buyers prioritizing immediate requirements. Market signals, reflect increased downward pressure on pricing. Persistent macroeconomic concerns in both Canada and the U.S.—including inflationary pressures, interest rate uncertainty, and slower economic growth—are reinforcing caution and limiting speculative or forward-looking purchases.
Supply & Availability
Availability remains inconsistent and highly situational, varying significantly by grade and region. Pricing and volume commitments differ sharply among mills, creating a disjointed landscape of offerings tied closely to inventory positions. Larger national mills have attempted to firm pricing by tightening availability on select items and resisting aggressive counters. However, competitive pressure persists as some suppliers remain willing to take deeper discounts.
Potential Market Shifts
Any modest increase in demand could tighten the market more quickly than expected, given recent mill production curtailments and closures. While these factors have not yet had a significant impact, that may change once buyers look ahead to covering spring needs. Current pricing offers solid value in dimensional markets, despite sluggish purchasing activity.
Seasonal Considerations & Outlook
Although winter has been mild so far, colder weather in the coming weeks could slow activity further. Most conversations now point toward Q1 2026 as the timeframe when overall activity may begin to pick up and provide a clearer outlook.
FRAMING LUMBER
| R/L | NOVEMBER 26, 2025 | OCTOBER 31, 2025 | +/- |
|---|---|---|---|
| 2×4 | $543 | $622 | -13% |
| 2×6 | $585 | $601 | -3% |
| 2×8 | $623 | $631 | -1% |
| 2×10 | $602 | $601 | 0% |
| 2×12 | $896 | $887 | 1% |
| STUDS | NOVEMBER 26, 2025 | OCTOBER 31, 2025 | +/- |
|---|---|---|---|
| 2×4 – 92 5/8“ | $395 | $433 | -9% |
| 2×4 – 104 5/8“ | $487 | $538 | -9% |
| 2×6 – 92 5/8“ | $451 | $468 | -4% |
| 2×6 5/8“ | $495 | $517 | -4% |
OSB
OSB: The OSB market continues to exhibit softness in activity. After several weeks of balanced takeaway, momentum has tapered off as the month comes to a close.
| OSB | NOVEMBER 26, 2025 | OCTOBER 31, 2025 | +/- |
|---|---|---|---|
| 3/8″ | $300 | $310 | -3% |
| 7/16″ | $300 | $310 | -3% |
| 15/32″ | $330 | $340 | -3% |
| 19/32″ | $470 | $480 | -2% |
| 23/32″ | $575 | $585 | -2% |
PLYWOOD
Plywood: The plywood market remains soft, with mills maintaining modest order files. Buyers continue to exercise caution, leaning on distribution inventories and purchasing truckload volumes only as needed.
| PLYWOOD (STD) | NOVEMBER 26, 2025 | OCTOBER 31, 2025 | +/- |
|---|---|---|---|
| 9.5 (3/8) | $636 | $649 | -2% |
| 12.5 (1/2) | $848 | $865 | -2% |
| 15.5 (5/8) | $1060 | $1082 | -2% |
| 18.5 (3/4) | $1272 | $1298 | -2% |
| 25.5 (1) | $1920 | $1959 | -2% |
Framing Lumber Composite Price
NOVEMBER 26, 2025 LUMBER MARKET REPORT HIGHLIGHTS:
- Canadian demand continued its seasonal decline.
- Some mills held firm on #2&Btr quotes, while others offered discounts to boost 2×4 sales with limited success.
- Discounts appeared in MSR; mill quotes varied by tally, and lower grades remained flat and inactive
| This Week | Last Week | Year Ago | |
|---|---|---|---|
| FRAMING LUMBER COMPOSITE PRICE | $516 | $521 | $626 |
| 2×4 #2&BTR KD Western S-P-F | $543 | $557 | $657 |
| 2×6 #2&BTR KD Western S-P-F | $585 | $592 | $853 |
| 2x4x9′ Studs | $602 | $602 | $885 |
| 2x6x9′ Studs | $487 | $493 | $531 |
| 2×10 #2&BTR KD Western S-P-F | $494 | $493 | $685 |
2020-2025 FRAMING LUMBER COMPOSITE PRICE
Structural Panel Composite Price
NOVEMBER 26, 2025 PANEL MARKET REPORT HIGHLIGHTS:
- Some buyers secured large purchases for late 2025 and early 2026, viewing current prices as low risk.
- Reported prices across North America were mostly flat to slightly lower.
- Price cuts were most common in Eastern Canada and the North Central region.
| This Week | Last Week | Year Ago | |
|---|---|---|---|
| ORIENTED STRAND COMPOSITE | $316 | $322 | $596 |
| 3/8″ 4×8 OSB | $300 | $300 | $585 |
| 23/32″ 4×8 OSB T&G | $575 | $575 | $875 |
| 3/8″ 4×8 Spruce Plywood | $636 | $636 | $735 |
2020-2025 ORIENTED STRAND BOARD COMPOSITE PRICE
*All Pricing is in CAD