The total monthly value of building permits in Canada fell 6.5% in September to $11.2 billion (CAD). In Q3, the value of building permits increased 4.9% from Q2 to $34.6 billion.
Wood Markets News
Mortgage Applications Increase in the Week Ending November 3rd
Mortgage loan application volume increased 2.5% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
Canada Adopts Legislation Promoting the Use of Wood-Based Construction Materials
Canada’s House of Commons has approved legislation promoting the use of wood-based construction materials to reduce carbon emissions and bolster sustainability, Construction Canada reported.
US Wood Pellet Exports Decline in September
The US exported 796,988 million metric tons of wood pellets in September, down 21% from August, according to the USDA and Biomass Magazine.
US Asking Rent Prices Continue to Inch Lower in October
The median US asking rent in October was 3.7% below the record high of $2,054 set in August 2022 and down 0.3% from a year ago, Redfin reported.
Consumer Credit Outstanding Growth Slows in Q3, Federal Reserve’s G.19 Consumer Credit Report Shows
Consumer credit outstanding growth slowed to a seasonally adjusted annual rate (SAAR) of 0.4% in Q3, according to the Fed and NAHB analysis.
Fannie Mae’s Home Purchase Sentiment Index® Increases in October Despite Higher Mortgage Rates
Fannie Mae’s Home Purchase Sentiment Index® (HPSI) inched 0.4 points higher to a reading of 64.9 in October.
States of Emergency Declared as Late Season Wildfires Burn Out of Control
Many states have already or are preparing to declare a state of emergency to deal with numerous wildfires that are consuming thousands of acres of forestland.
Commercial/Multifamily Borrowing Down in Q3
In Q3, Commercial and multifamily originations were down 49% year-over-year and 7% when compared to Q2, according to the Mortgage Bankers Association.
Ireland Forms New Steering Group to Examine Greater Use of Timber in Construction
Ireland announced on Tuesday the creation of a new steering group to examine increasing the use of timber in Irish construction.