The BC government announced that it is taking new measures to protect more old growth by fast-tracking innovation and co-developing new local plans with First Nations to better care for the province’s forests. The focal point of the plan is $25 million for new Forest Landscape Planning tables.
Wood Markets News
R-Y Timber to Permanently Close Its Livingston, Montana, Sawmill Facility
R-Y Timber Inc. announced on Tuesday that it has decided to permanently close its sawmill in Livingston, Montana, after the facility suffered its second major fire in a 5-month period. Most recently, the sawmill building was severely damaged by fire on February 7th.
Canadian Housing Starts Decline Month-Over-Month in January
The Canada Mortgage and Housing Corporation reported today that the standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined 13% to 215,365 units in January, when compared to 248,296 units in December.
Nova Scotia and Port Hawkesbury Paper Renew and Extend Agreements
Nova Scotia announced on Wednesday that the province has updated its agreements with Port Hawkesbury Paper, which will support sustainable ecological forestry practices and management of public lands. Originally signed in 2012, the province has two separate agreements with the company.
US Builder Sentiment Up for Second Consecutive Month in February
The National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes increased 7 points in February to a reading of 42. This marks the second consecutive month of gains and the strongest reading since September.
Prince Edward Island Offers to Buy Private Land for Conservation and Reforestation
The province of Prince Edward Island (PEI), Canada, announced in a press release that it is offering to buy land near buffer zones, watercourses, or wetlands. PEI says it will buy land from owners at fair market price to support conservation, tree planting, and/or reforestation activities.
Canadian Home Sales Resume Downward Trek in January
The Canadian Real Estate Association reported today that home sales recorded over Canadian MLS® Systems were down 3% on a month-over-month basis. The decline wiped out all of December’s gains, and homes sales are back on the mild downward trend observed since last summer.
Mortgage Applications Decline in the Week Ending February 10th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending February 10th, the Market Composite Index—a measure of mortgage loan application volume—decreased 7.7% on a seasonally adjusted basis from one week earlier.
Total Commercial/Multifamily Borrowing and Lending Expected to Drop 15% in 2023
According to an updated baseline forecast released on Monday by the Mortgage Bankers Association, total commercial and multifamily mortgage borrowing and lending is anticipated to decline by 15% to $684 billion in 2023, below the expected 2022 total of $804 billion.
Consumer Price Index Increases 0.5% in January; All-Item Index Up 6.4% Year-Over-Year
The US Bureau of Labor Statistics on Tuesday reported that the Consumer Price Index for All Urban Consumers increased 0.5% in January, on a seasonally adjusted basis, after declining 0.1% in December. Over the past 12 months, the all-item index has increased 6.4% before seasonal adjustment.