Redfin reported on Thursday the findings of their Homebuyers Demand Index—a measure of home-tour requests and other services from Redfin agents—is up 10% and mortgage-purchase applications are up 14% from the end of October, when both hit their 2022 lows.
Wood Markets News
Canadian Wholesale Sales Increase to New Record High in October
Statistics Canada reported on Friday that wholesale sales rose 2.1% in October to $83.4 billion (CAD). Wholesale sales increased in every province in October, with Quebec, BC, and Ontario leading the way and accounting for 78.1% of national sales.
Introducing Westervelt Forest, a 70-Acre Working Forest and Wildlife Demonstration Area
Representatives of the Alabama Wildlife Federation and the Westervelt Company unveiled “Westervelt Forest” with a ribbon cutting ceremony on December 6th. The seventy-acre working forest and wildlife demonstration area, located at AWF State Headquarters in Millbrook, Alabama, will be viewable to the 50,000+ annual visitors.
Canadian Housing Starts Decline 0.2% in November
The Canadian Mortgage and Housing Corporation reported on Thursday that November’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined 0.2% month-over-month to 264,159 units, compared to 264,581 units in October.
BC Forest Industry to Help Fund Trade and Technology Programs
Forestry sector leaders including Canfor, Hampton Lumber, Interfor, Mosaic Forest Management, Paper Excellence, Tolko, and West Fraser, and the Binational Softwood Lumber Council have joined forces and contributed $2.5 million (CAD) to the British Columbia Institute of Technology (BCIT) Inspire Campaign.
Fixed Mortgage Rates Decline for Fifth Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 15, 2022. The 30-year fixed-rate mortgage averaged 6.31%, down from last week when it averaged 6.33%. A year ago at this time, the 30-year rate averaged 3.12%.
BC Government and City of Vancouver to Build 90 Modular Housing Units
The British Columbia government and the City of Vancouver are joining forces to build 90 modular housing units that will provide round-the-clock support for people who are experiencing homelessness in the city’s Downtown Eastside.
Canadian Home Sales and Home Prices Decline in November
Statistics released today by the Canadian Real Estate Association (CREA) reveal that national home sales recorded over the Canadian MLS® system declined 3.3% on a month-over-month basis in November. The November decline has erased October’s small gain.
US Weekly Jobless Claims Decrease for the Week Ending December 10th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 211,000 during the week ending on Saturday, December 10, 2022. This is a decrease of 20,000 from the previous week’s revised level of 231,000 (originally reported as 230,000).
Canadian Investment in Building Construction Increased in October
Statistics Canada reported today that nationally investment in building construction in October increased 0.2% to $20.9 billion (CAD). Investment in residential building construction in October was down by 0.1% to $15.4 billion. Single family home investment declined 2.3%.