Statistics Canada reported today that Canadian real GDP edged 0.1% higher in July, after recording a similar 0.1% increase in June. Growth in goods-producing industries, up 0.5%, were partially offset by declines in the services-producing industries of 0.1%.
Wood Markets News
Mortgage Rates Climb Higher in the Week Ending September 29th, Marking Sixth Consecutive Increase
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 29, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.70% with an average 0.9 point, up from last week when it averaged 6.29%.
US Weekly Jobless Claims Decrease for the Week Ending September 24, 2022
The US Department of Labor is reporting that seasonally adjusted an additional 193,000 Americans made their initial filing for unemployment benefits during the week ending on September 24. This is a decrease of 16,000 from the previous week’s revised-lower level of 209,000 (originally reported as 213,000).
Alberta Announces 20-Year Renewal of Forest Management Agreement With Tolko, Norbord, and La Crete
Alberta announced on Tuesday that it has renewed the forest management agreement jointly held by Tolko Industries Ltd., Norbord Inc., and La Crete Sawmills Ltd. for the next 20 years in exchange for important stewardship responsibilities.
Pending Home Sales Decline Month-Over-Month and Year-Over-Year in August
The National Association of Realtors® released on Wednesday its Pending Homes Sales Index (PHSI), declined 2.0% month-over-month in August to a reading of 88.4. The index has now declined nine times in the past ten months. Year-over-year, contract signings have declined 24.4%.
Tallwood 1, the Second Largest Mass Timber Building, Officially Opens in Langsford, BC
A ribbon cutting ceremony was held today for the opening of Tallwood 1, a mixed-use high rise building that is taking the concept of mass timber construction to new heights in Langford, BC. It is twelve stories tall and includes commercial and residential spaces.
Mortgage Applications Drop in the Week Ending September 23, 2022
According to data from a Mortgage Bankers Association survey, for the week ending September 23rd, the Market Composite Index (a measure of mortgage loan application volume) decreased 3.7% on a seasonally adjusted basis from one week earlier.
Overall Mortgage Delinquency Rate Declined Close to Historic Low in August
According to Black Knight, the overall mortgage delinquency rate in August declined to 2.79%, down from 3.60% in July. The August delinquency rate is just 4 basis points above the historic low of 2.75% set in May 2022.
West Fraser Mills Announces 16-Day Curtailment Starting on October 29th at Its Cariboo Pulp and Paper Facility
The Quesnel Cariboo Observer reported Monday (9-26-22) that West Fraser has announced that its Cariboo Pulp and Paper facility will be curtailed for 16 days beginning October 29th and will impact approximately 160 employees.
Tolko Provides Update on Its High Prairie, Alberta, OSB Mill Rebuild
On Monday (9-26-22), Tolko provided an update on its High Prairie, Alberta, OSB facility that was seriously damaged on May 20, 2022, due to a press fire at the mill. Tolko is describing much of the equipment within the building was a complete and total loss.