Redfin, the real estate brokerage firm, reported on the Wednesday that in October the US median asking rent rose 7.8% year-over-year to $1,983. This is the smallest annual increase since August of 2021.
Wood Markets News
US Weekly Jobless Claims Decrease for the Week Ending November 12th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 222,000, a decrease of 4,000 from the previous week’s revised level (originally reported as 225,000). The 4-week moving average was 221,000.
New Forestry Agreements With BC First Nations Will Expedite Wildfire Log Salvage Process
On Wednesday, the British Columbia government unveiled a new approach to provincial forestry agreements that will lead to faster action on harvesting areas damaged by wildfires, which in turn will provide more timber for mills and set up faster reforestation through the leadership of First Nations.
New Brunswick Investing in Forest Research and Innovation
On Wednesday, the New Brunswick provincial government reported that it was investing $600,000 (CAD) in forest research in northern New Brunswick. The forestry sector—through Groupe Savoie, AV Group, J.D. Irving, and Forest NB—also committed to matching the province’s funding.
Canadian Monthly Housing Starts Decline in October
The Canadian Mortgage and Housing Corporation reported on Wednesday that October’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined month-over-month by 11% to 267,055 units.
Builder Sentiment Declines for the Eleventh Consecutive Month in November
On Wednesday, the National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes dropped 5 points lower to a reading of 33 in November. This marks the eleventh consecutive monthly decline.
Mortgage Applications Increase in the Week Ending November 11th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending November 11th, the Market Composite Index (a measure of mortgage loan application volume) increased 2.7% on a seasonally adjusted basis from one week earlier.
Canadian Consumer Price Index Increases 6.9% Year-Over-Year in October
Statistics Canada reported on Wednesday that the Canadian Consumer Price Index rose 6.9% year-over-year in October. The October increase matched the 6.9% increase recorded in September. The October increase was led by faster price growth for gasoline and mortgage interest costs.
Canadian Home Sales Post First Increase Since February in October
The Canadian Real Estate Association reported on Tuesday that home sales recorded over the Canadian MLS® System edged 1.3% higher between September and October 2022. This marks the first monthly increase since February.
Rail Strike Update: International Brotherhood of Boilermakers Rejects Labor Agreement
Members of the International Brotherhood of Boilermakers (IBB) have rejected the labor agreement that was worked out between the railroads and the leadership of 12 different rail workers unions. The IBB represents about 300 rail employees.