The National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes increased 5 points in May to a reading of 50. This marks the fifth consecutive month of gains.
Wood Markets News
New Haven, Connecticut, to Be Home to Second Affordable Housing Project Using Wood in the US
Construction is underway in New Haven, Connecticut, on the second affordable housing project in the US that will substitute wood in place of steel and concrete. The 69-unit, two building complex will use mass timber.
Council of the EU Adopts New Regulation to Limit Deforestation Worldwide
The Council of the EU has given the final go-ahead to a regulation that aims to minimize the risk of deforestation and forest degradation associated with products that placed on or exported from the EU market.
Shares of Mortgage Loans in Forbearance Declined Further in April
The total number of loans now in forbearance decreased 4 basis points from 0.55% of servicers’ portfolio volume in March to 0.51% as of April 30th. The MBA estimates that 255,000 homeowners remain in forbearance plans.
Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year in April
Statistics Canada reported that the Canadian Consumer Price Index increased 4.4% year-over-year in April, following a 4.3% rise in March. This marks the first acceleration in headline consumer inflation since June 2022.
Tolko Announces Unscheduled Two-Week Downtime at Lakeview Sawmill in BC
Citing significantly higher log costs and a lack of available economic fiber, the company announced on Monday two weeks of unscheduled downtime at its Lakeview sawmill operation in Williams Lake, BC.
Canadian Housing Starts Increase in April
The standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada reached 261,559 units in April, an increase of 22% when compared to March’s 213,780 units.
Canadian Home Sales Jump as Demand Continues to Outpace Limited Supply
The Canadian Real Estate Association reported that homes sales recorded over the Canadian MLS® Systems posted an increase of 11.3% from March to April. This follows a smaller back-to-back monthly gain between February and March.
260-Foot Timber Bridge in New York City Will Connect the High Line to Moynihan Train Hall
The elevated pathway that will connect the High Line to the new Moynihan Train Hall in New York City recently hit a major milestone when the 260-foot-long timber bridge was craned into place, according to “6sqft.”
Greater Availability of US Rental Units Leads to Rising Vacancies and Lower Rent Costs
Redfin reported that the median US asking rent increased 0.3% year-over-year to $1,967 in April, marking the eleventh consecutive month of slowing growth. Month-over-month, the median rent fell 0.2%.