According to the Merritt Herald, Aspen Planers, which is locally owned by Surrey-based AP Group, has temporarily shut down their Merritt operations, closing two work sites in the Nicola Valley due to a lack of steady log supply.
Wood Markets News
Tornadoes Damage $13 Million in Timber in Northeast Texas
According to the Texas A&M Forest Service, a series of tornadoes tracked across Northeast Texas on November 4th damaged timber across more than 10,000 acres. The storms destroyed an estimated $13 million worth of timber. Most of the damage to timber was on private property.
Early-Stage Homebuying Demand Up in November, After Hitting Record Low in October
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.
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.