Statistics Canada reported on Thursday that real gross domestic product (GDP) of the natural resources sector declined 1.9% in 2022Q4, after increasing 1.5% in 2022Q3. In contrast, the economy-wide real GDP was unchanged in 2022Q4.
Wood Markets News
Mortgage Payments Increase for Second Consecutive Month in February
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI) homebuyer affordability declined in February, as the national median payment applied for by applicants increased 4.9% to $2,061.
US Homebuyer’s Typical Down Payment Declined 10% Year-Over-Year in January
Redfin reported on Wednesday that the typical US homebuyer’s down payment declined 10% year-over-year in January to $42,375, its lowest level in nearly two years. Redfin notes that median down payment was down 35% from the peak reached in June 2022.
Mjölk Architekti Completes New Wooden Headquarters for Kloboucká lesní
Kloboucká lesní, a Czech management company for sustainable forestry, has a new wooden headquarters. The 1,034-square meter building is constructed predominately of glue laminated timber.
US Rents Remained Flat in February
Yardi Matrix is reporting that multifamily rents in February remained unchanged from January at an average of $1,702 US asking rent. Year-over-year growth is 4.8%, the lowest level in nearly two years.
US New Residential Home Sales Rise 1.1% Month-Over-Month in February
On Thursday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for February were at a SAAR of 640,000, according to estimates. This is 1.1% above the revised January rate of 633,000.
Domain Timber Advisors Assumes Investment Responsibilities for Forestland Portfolios in US Southeast and Pacific Northwest
Domain Capital Group, LLC, a comprehensive private investment service firm, announced on Monday that its subsidiary, Domain Timber Advisors, LLC, has assumed investment responsibilities for a forestland portfolio in the US Southeast and Pacific Northwest.
Tolko Announces Shift Reductions at Its Heffley Creek Plywood and Veneer Mill in Kamloops, BC
Kamloops, BC, radio station NL 610 AM reported Thursday that Tolko Industries has announced it is temporarily cutting some graveyard and weekend shifts at its Heffley Creek Mill located in Kamloops due to a drop in demand for some of its wood products.
Fixed Mortgage Rates Decline for Second Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 23rd. The 30-year fixed-rate mortgage averaged 6.42%, down from last week when it averaged 6.60%. The 15-year fixed-rate mortgage averaged 5.68%.
Utah Gets Its First Look at Large-Scale Mass Timber Construction
The Salt Lake Tribune reported Thursday that Utah is getting its first look at large-scale, mass timber building with an office structure currently under construction in the City of Draper. The five-story Baltic Pointe building will be the home of Pelion Venture Partners.