You’ve probably watched the news and are aware of the alarming increase in building material costs, including plumbing supplies. Prices have increased to record levels due to many factors over the past year. For the home building industry in Canada, increased prices coupled with supply chain disruptions and unexpected delays are aggravating the plumbing supply shortage. But what exactly is causing plumbing supply prices to rise? Find out what’s going on with the plumbing supply prices and what we’re doing to help the situation.
What Is Happening to the Plumbing Supply Prices?
Prices of materials used to produce all sorts of plumbing products have skyrocketed. These costs affect plumbing businesses, forcing them to embrace the price increases and factoring them when charging their customers. The cost increase in building materials has been experienced across various plumbing products, ranging from pipes and fittings to hot water tanks and tubs. The increase is currently affecting many production and service companies, including construction, automotive, and plumbing companies.
According to CTV News London, there have been shortages of lumber and resin, creating a triple effect on the building construction industry. While it used to take about a three-week wait, now, plumbing companies are forced to wait up to three to six months to get their plumbing supplies. Resin is a product used in shower walls, acrylics, shower bases, and bathtubs. It is a natural adhesive compound used in coatings and building materials in cases where a strong bond is needed, and is also found in ABS pipes (a common plumbing material). Its shortage is a major blow to the plumbing sector.
Why Is There a Price Increase in Plumbing Supplies?
Several factors have contributed to the skyrocketing of plumbing material prices, from the disruptions caused by the COVID pandemic to shipping delays and the cold weather snap. The Covid-19 pandemic has thrown the world of logistics into a tailspin, causing shortages of everything. The current system underpinning global production on one side, connected to the world of consumers on the other side by planes, trucks, forklifts, ships, and cranes – is too rigid to keep up with the Covid-19 tremors.
Effects from Covid-19, including inflationary forces, supply uncertainties, unexpected delays, disruptions, staffing protocols of production sites, have been a perfect storm for plumbing supplies. Even though the pandemic shuttered factories and shook the supply of plumbing materials, freight is another great challenge, causing an increase in plumbing supplies prices. Most shipping containers have had major delays, shuttling more construction supplies around the world. With long lines of ships at the ports since the beginning of the pandemic, the pressure to meet the shipment deadlines is stronger than ever.
New home constructions and renovations have been solid, with shipments reaching high records. To help manage the increased demand for construction materials, some production and shipping companies only allow their customers to order a certain number of products, leading to a shortage of plumbing supplies, hence the price increase. In addition, the cargo shipping price rates keep fluctuating, with daily rates being quoted by freight agents and carriers, with premium prices for on-time deliveries. The elevated cargo shipping rates have affected the price of plumbing materials.
Building constructions halted when Canada shut down because of the pandemic, and construction projects took a while before resuming due to the complexity of new protocols and staffing. By the time the construction projects were ready to continue, there was a backlogged demand, and suddenly people all over Canada needed materials for their construction projects. The cold weather snap that was experienced during the start of the year also increased the demand for plumbing supplies because many infrastructures don’t have the necessary capabilities to survive the cold weather and therefore need more household plumbing supplies for renovations and restorations.
Who Is Affected by the Price Increase of Plumbing Supplies?
Well, literally everyone is affected by the rise in building material costs. Raw materials form the foundation of any structure, construction business, or home. So, whether you’re buying materials and doing the plumbing job by yourself or hiring a contractor, you’ll be affected by the rise in prices. The increase in construction material costs has found its way into various materials, including plumbing supplies.
Effects of Material Price Increase on Renovations and Plumbing
Due to the Covid-19 pandemic, people have spent the past year in their homes and have realized how much their homes need renovation. The high demand for renovations requires plumbing. Companies offering plumbing services are doing their best to accommodate their customers amid the price increase that has affected the plumbing industry. Some of the products affected by the rise in prices of building materials include:
- Plumbing fixtures with metal and aluminum
- Hot water tanks and tubs surroundings with metals
- Pipes and fittings
Are the Prices Going to Decrease?
Like any other material-based service, the high prices of plumbing materials solely revolve around the COVID situation. It’s possible that the price increase may not decrease for a long time, but we hope that things will go back to normal as soon as possible.
What We’re Doing to Help
Many construction and plumbing companies are not speaking up and letting their customers know about these price changes, and they’re instead fixing them in their estimates. However, at HomeWise Plumbing and Drainage, we encourage our customers to embrace the increased price changes. With us, as a customer, expect to know how every cent is used, because we’re honest about our estimates and pricing.
We are a local plumbing business that upholds the highest standards of our company and our plumbing staff. We’re perfectly able to solve all your plumbing problems, whether it’s a large renovation or a simple plumbing job. Our knowledgeable staff will ensure all your needs are met at a budget. If you encounter any plumbing issue or need a home renovation, contact us to book an appointment for affordable plumbing services by experts.