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.
Wood Markets News
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%.
Oregon Department of Forestry Produces More Than $97 Million in Revenue for County and City Governments
According to the Oregon Department of Forestry (ODF), logging in Oregon’s state forests produced more than $97 million in revenue for country and state governments in 2022. Oregon currently distributes about two-thirds of the timber revenues from state forests to surrounding counties under a management agreement.
Mortgage Applications Rise in the Week Ending December 9th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 9th, the Market Composite Index (a measure of mortgage loan application volume) increased 3.2% on a seasonally adjusted basis from one week earlier.
Overcoming the Challenges of Logging on Steep Slopes in BC and Around the Globe
In 2017, FPInnvoation’s Steep Slope Initiative research described the evolution of steep slope harvesting in Canada and the associated challenges that such a process would bring. Five years later, that research remains ongoing. Winch-assist technology is one suggested technique.
Commercial and Multifamily Mortgage Debt Outstanding Increased $70 Billion in Q3
The Mortgage Bankers Association on Thursday, released its latest Commercial/Multifamily Mortgage Debt Outstanding (CMMDO) quarterly report. According to the CMMDO, in 2022Q3, the level of commercial/multifamily mortgage debt outstanding increased by 1.6%, or $70.0 billion.