Conifex Timber Inc. announced Friday that it has decided to take unscheduled downtime for four weeks at its Mackenzie, BC, sawmill starting on June 5th. The company is estimating that approximately 16 million board feet will come out of production.
Wood Markets News
Northern Ontario’s Ginoogaming First Nation Exploring Construction of Indigenous-Run OSB or LSL Mill
Northern Ontario Business is reporting that the Ginoogaming First Nation wants to put some underutilized hardwood resources in northwestern Ontario to work by making building materials.
Mortgage Applications for New Home Purchases Declined Month-Over-Month in April
The Mortgage Bankers Association (MBA) is reporting that mortgage applications for new home purchases decreased 11% month-over-month but were up 4.1% year-over-year.
Townhouse Construction Slowed in 2023Q1
Sata from the US Census Bureau’s Starts and Completions by Purpose and Design for Q1, with additional analysis provided by the National Association of Home Builders, shows single-family attached starts totaled 29,000 during Q1.
Fannie Mae’s Economic and Strategic Research Group Releases Latest Commentary
According to Fannie Mae’s Economic and Strategic Research (ESR) Group’s latest commentary, the ESR is expecting the economy to enter a modest recession in the second half of the year. Unusual dynamics continue to complicate forecasting the exact time.
Canadian Unemployment Minimally Changed in March
In March, 388,000 Canadians received regular Employment Insurance (EI) benefits, which is little changed from February’s totals. The number of Canadians collecting EI benefits fell by 141,000, or 26.7%, year-over-year.
China Lifts Ban on Australian Timber Imports
According to ABC News, China’s Ambassador to Australia said Australian timber exporters had satisfied China’s quarantine concerns, and China has reopened its door to Australian timber imports for the first time in more than two years.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in March
The National Association of Realtors® reported that total existing home sales recorded a 3.4% decline in April from March to a seasonally adjusted rate of 4.28 million homes in April. Year-over-year, sales are down 23.2%.
Belarus to Sell More Sawn Timber to China via the Belarusian Universal Commodity Exchange
The Belarusian Universal Commodity Exchange has told the Belarusian Telegraph Agency, the country’s state-owned news agency, that it intends to ship more Belarusian sawn timber products to China.
30-Year Fixed Mortgage Rate Creeps Higher in the Week Ending May 18th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 18th. The 30-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.35%. A year ago, the 30-year rate averaged 5.25%.