The BC provincial government announced today that it was taking action to streamline the homebuilding process. Presently, authorizations related to homebuilding in BC can require multiple provincial permit applications, which span different ministries with different processes.
Wood Markets News
Canadian Investment in Building Construction Declines in November 2022
Statistics Canada reported on Monday that investment in building construction fell 1.4% to $20.4 billion (CAD) in November. On a constant dollar basis (2012=100), investment in building construction declined by 2.0% to $12.0 billion.
Canadian Home Sales Inch Higher in December 2022
The Canadian Real Estate Association reported on Monday that home sales recorded over Canadian MLS® Systems moved 1.3% higher between November and December 2022. The actual (not seasonally adjusted) number of transactions in December came in 39.1% below the near record high in December 2021.
Grand River Pellets Spending $30 Million on Capital Project to Increase Drying Capabilities
Grand River Pellets Ltd., located in St. Leonard, New Brunswick, is spending $30 million (CAD) on a capital project that will increase its drying capabilities from 140,000 tons annually to 220,000 tons, once the project is fully operational. The project will essentially double all outdoor equipment.
Homes Selling at Slowest Pace Since April 2020
Redfin reported on Friday that homes are selling at their slowest pace since April 2020. In the four-week period ending on January 8th, the typical home sold was on the market for 44 days, which in turn has led to the largest annual inventory increase on record.
University of Michigan Preliminary Consumer Sentiment Index for January Rises
The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for January. The Index of Consumer Sentiment rose to a reading of 64.6 in January, up from of 59.7 in December. This is a month-over-month increase of 8.2% but down 3.9% year-over-year.
Canfor Pulp Products Announces Permanent Closure of Pulp Line at Prince George Pulp and Paper Mill
Canfor Pulp Products Inc. announced on Wednesday that a decision has been made to permanently close the pulp line at its Prince George Pulp and Paper mill. The closure will result in a reduction of 280,000 tons of market kraft paper annually.
Consumer Price Index Declines 0.1% in December; All-Items Index Up 6.5% Year-Over-Year
The US Bureau of Labor Statistics reported on Thursday that the Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1% in December, on a seasonally adjusted basis, after increasing 0.1% in November and 0.4% in both October and September.
Aviation Biofuel Project in Southern Oregon Never Got Off the Ground
According to a notice published in the Lake County Oregon Examiner in late December, the Red Rock Biofuels project in Southern Oregon appears to be headed for foreclosure after Red Rock Biofuels failed to make principal and interest payment on some $300 million in debt.
US Asking Rents in December Post Smallest Increase Since July 2021
Redfin reported today that the median US asking rent rose 4.8% year-over-year to $1,979 in December. This is the smallest increase since July 2021. December 2022 also marked the seventh straight month in which annual rent growth slowed.