According to reporting by The Canadian Press, an access-to-information request shows that in July 2022, Japan asked the Canadian federal government to rejoin the International Tropical Timber Organization. To date, the current government has failed to respond to the months-old invitation from Japan.
Wood Markets News
Mass Timber Project Underway at University of Toronto’s Koffler Scientific Reserve
Construction is underway on a new mass timber dining and operations center project on a 900-acre property at the University of Toronto’s Koffler Scientific Reserve, according to Daily Commercial News (2-21-23). The new center will include bunk rooms, classrooms and meeting space, and a common kitchen area.
Fannie Mae’s Economic and Strategic Research Group Updates Its 2023 Outlook
Fannie Mae’s Economic and Strategic Research (ESR) group reported on Tuesday that it continues to expect the economy to fall into a modest recession. The Group now believes the likely start date will be in 2023Q2. The ESR Group reports that housing started 2023 on a relative high note but also sees this as temporary.
Mortgage Applications Decline for Second Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending February 17th, the Market Composite Index—a measure of mortgage loan application volume—decreased 13.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 4.0%.
Square Footage of New Single-Family Homes Continues to Shrink
Data from the US Census Bureau, with additional analysis provided by the National Association of Home Builders, reveals that the median single-family square floor area declined significantly to 2,203 square feet—the lowest level since 2011.
Some of New Zealand’s Forestry Sector Will Not Recover From Damage Caused by Cyclone Gabrielle
On February 12th, Cyclone Gabrielle cut a large path of destruction through New Zealand’s Tairāwhiti, Hawkes Bay, Coromandel, and Northland regions. The region is home to almost 30% of the country’s forestry plantations, according to local reporting by “Stuff Limited.”
Canadian Consumer Price Index Increased at a Slower Rate in January
Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) increased 5.9% year-over-year in January, following a 6.3% increase in December. Prices rose 4.9% on a year-over-year basis excluding food and energy.
Mortgage Applications for New Home Purchases Up Month-Over-Month but Down Year-Over-Year in January
The Mortgage Bankers Association is reporting that data from its January 2023 Builder Application Survey (BAS) reveals mortgage applications for new home purchases dropped 3.5% year-over-year. This change does not include any adjustments for typical seasonal patterns.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in January
The National Association of Realtors® reported on Tuesday that total existing home sales recorded a 0.7% decline in January from December to a seasonally adjusted rate at 4.00 million homes. Year-over-year, sales are down 36.9%.
Conifex Timber to Temporarily Curtail Production at Its Mackenzie, BC, Sawmill Due to Rail Service Challenges
Conifex Timber announced on Friday that it will be temporarily curtailing production at its Mackenzie, British Columbia, sawmill for a period of up to two weeks. The company cited unsustainable inventory levels due to rail transportation challenges.