The Canadian Consumer Price Index (CPI) increased 3.1% year-over-year in November, following a similar 3.1% increase in October.
Wood Markets News
US Builder Confidence Moves Higher on Lower Mortgage Interest Rates in December
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) shows that builder sentiment in the market for newly built single-family homes increased 3 points to a reading of 37 in December.
Lower Mortgage Rates Stimulate Existing-Home Market in November
New existing-home listings increased 1.3% month-over-month to the highest level since October 2022, on a seasonally adjusted basis, and 0.1% year-over-year, Redfin reported.
Investment in Canadian Building Construction Increases 2.7% Month-Over-Month in October
Investment in Canadian building construction increased 2.7% month-over-month to $19.4 billion (CAD) in October. Investment in residential building rose 3.9% to $13.4 billion.
Canadian New-Home Prices Declined Month-Over-Month and Year-Over-Year in November
StatCan’s national new-home price index declined 0.2% month-over-month in November. Prices were down or unchanged in 25 of the 27 census metropolitan areas.
Vietnam Reports Increase in Exports of Wood Products in November
Preliminary statistics from Vietnam reviewed by the ITTO Tropical Timber Market Report reveal that Vietnam’s wood and wood product exports reached US$1.3 billion in November, up 1.4% compared to October.
Canadian Housing Starts Fall Month-Over-Month in November, but 6-Month Average Ticks Up
The Canada Mortgage and Housing Corporation announced that the six-month trend in housing starts was 0.7% higher month-over-month in November, with 257,777 units reported.
National Association of Realtors Predicts Increased Existing-Home Sales and Improved Conditions for Homebuyers in 2024
National Association of Realtors® Chief Economist Lawrence Yun presented several predictions for 2024 at NAR’s Real Estate Forecast Summit: The Year Ahead.
Australian Timber Producers Receive Federal Grants to Expand Plantation Forests
Australia’s Department of Agriculture, Fisheries, and Forestry will distribute $70 million (AUD) in federal grants to expand Australia’s plantation estates, ABC reported.
Maine’s Bowdoin College Incorporates the State’s “Working Forest” Identity Into a Pair of New Mass Timber Buildings
HGA has unveiled for the first time a new mass timber project that was completed earlier this year at Bowdoin College in Brunswick, Maine, according to a feature by Archinect.