Redfin is reporting that US home-sale prices have declined year-over-year for the first time in more than a decade. The typical house sold for $350,246 during the four weeks ending February 26th, down 0.6% from a year ago, marking the first time prices have declined since 2012.
Wood Markets News
BC Timber Company’s Dilemma: Harvest Old-Growth Trees or Pay Fees to Leave Them Standing
Harvest old-growth trees or a pay a fee to leave them standing? This is the dilemma that BC’s Downie Timber Company is currently facing, according to The Canadian Press. Downie is trying to avoid logging a section of at-risk old growth forest identified by the provincial government.
South Africa’s Stevens Lumber Mills Announces 90-Day Temporary Layoff Due to Resource Constraints
One of South Africa’s long-established sawmills, Stevens Lumber Mills, has announced a 90-day temporary layoff period due to increasing power outages (load shedding) and the tight supply of logs, according to reporting by Moneyweb. SML is located in Limpopo, the northmost province in South Africa.
BC Government Extends Old-Growth Logging Deferrals in Endangered Spotted Owl Habitat
The British Columbia provincial government announced Friday that it is taking another important step to support the recovery of endangered spotted owls while promoting biodiversity and accelerating the protection of old-growth forests.
Total Value of Canadian Building Permits Declined in January
Statistics Canada reported on Friday that the total monthly value of building permits in Canada declined 4.0% in January to $9.8 billion (CAD). On a constant dollar (2012=100) the total value of building permits dropped 3.2% to $5.8 billion.
Adera Development Halfway to Fulfilling Its Goal of Delivering 1,000 Mass Timber Homes in Vancouver, BC
Adera Development, the Vancouver, BC-based homebuilder, is at the cutting edge of mass timber construction in the province. According to reporting by SiteNews, Adera recently surpassed the 500 mark on its commitment to deliver 1,000 mass timber homes in Metro Vancouver.
Affordable Home Listings in 2022 Dropped Over 50% Year-Over-Year
Redfin reported on Friday that approximately one in five (21%) US homes for sale in 2022 were affordable for the typical household. That is down from two in five (40%) in 2021, and it is the lowest share on record. “Housing affordability is at the lowest level in history.”
Acquisition, Development, and Construction Loan Balances Increased Again in 2022Q4
Analysis provided by the National Association of Home Builders (NAHB) shows that during 2022Q4, residential construction loan volume reached a post-Great Recession high, as home building activity and new home sales remained below trend.
Tolko to Resume Production at Two BC Sawmills, Armstrong and Soda Creek, on March 6th
Tolko Industries plans to resume production at its curtailed Armstrong and Soda Creek sawmill facilities—both in British Columbia—on March 6th, according to local reporting by Castanet (3-2-23).
Atlanta’s First Georgia-Grown Mass Timber Project Begins Construction
Jamestown, a design-focused real estate investment and management firm, announced the beginning of vertical construction on 619 Ponce, a four-story mass timber loft building located in Atlanta. The building is being constructed with locally grown Georgia timber.