The Mortgage Bankers Association is reporting that data from its Builder Application Survey (BAS) reveal mortgage applications for new home purchases increased 10% month-over-month in March and were up 0.6% year-over-year. This change does not include any adjustments for typical seasonal patterns.
Wood Markets News
Canadian Housing Starts Declined in March
The Canada Mortgage and Housing Corporation reported Wednesday that the standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 11% in March to 213,865 units, compared to February’s 240,927 units.
Drones to Aid Tree Planting in BC Post-Wildfire Restoration Areas Deemed Too Unsafe
Telus has recently invested $11.4 million (CAD) and has teamed up with Canadian reforestation company Flash Forest to develop and expand its post-wildfire reforestation using drones to plant tree seedlings, according to the BC news site “Castanet.”
HS Timber Group Announces Sale of Its Sebes, Romania, Sawmill to Ziegler Group
HS Timber Group (HSTG), an Austrian wood processing company, announced Tuesday that it had recently sold one of its Romanian units to Germany’s Ziegler Group. Under the agreement, Ziegler Group is taking over the entire team of more than 650 employees.
Canada’s Industrial Product Price Index Inches Higher in March; Raw Materials Price Index Declines
Statistics Canada reported Wednesday that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), inched up 0.1% month-over-month in March, following a 0.6% decline in February. Year-over-year, the IPPI was down 1.8%.
Mortgage Applications Decline in the Week Ending April 14th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 14th, the Market Composite Index—a measure of mortgage loan application volume—decreased 8.8% on a seasonally adjusted basis from one week earlier.
US Housing Starts, Permits, and Completions All Fell in March
The US Census Bureau on Tuesday reported that privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,420,000. This is 0.8% below the revised February estimate of 1,432,000 and 17.2% below the March 2022 rate of 1,716,000.
Boreal Carbon Corporation Acquires 20,000 Acres of Northern Ontario Timberland
Boreal Carbon Corporation, a private Canadian company with a vision of becoming a leading carbon credit developer, announced Tuesday that it has closed on the acquisition of 20,000 plus acres of institutional-quality timberland located in Northern Ontario.
Tolko Announces Permanent Elimination of Second Shift at Its Soda Creek Sawmill Facility
Sixty-five employees at Tolko’s Soda Creek Sawmill will be without work, as the company announces its plans to permanently eliminate the second work shift, according to a local report by “CFJC Today.” Tolko says it will work with its employees to determine a date for the change.
Stoltze Timber Systems Awarded $1 Million in US Forest Service Funding for Development of Wood Processing Plant
Stoltze Timber Systems, located in Columbia Falls, Montana, is receiving $1 million in US Forest Service funding to support the development of a wood processing plant and allow the implementation of new timber water crossings.