Lumber prices are expected to soar next year before hitting all-time highs in 2014, bringing a flood of cash to B.C. sawmills and restoring health to provincial resource revenues, according to a report by the Vancouver consulting group International Wood Markets.

Wood Markets president Russ Fraser said the dynamics have been in place since 2008 for a so-called “supercycle” that will push lumber prices into the stratosphere. The only missing element, he said Tuesday, has been a recovery in U.S. housing starts. Barring a broader economic calamity, such as failure to resolve the fiscal cliff, the U.S. housing sector has begun that long-awaited recovery, he said.

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