The Canadian Mortgage and Housing Corporation announced that the trend in housing starts in August was 267,309 units, up from 264,467 units reported in July. This “trend” measure is a six-month moving average of the monthly seasonally adjusted annual rates.
Wood Markets News
Belarus Seeks Alternatives to Overcome Sanctions on Timber and Wood Products
Belarus’ export program is now being reoriented towards the domestic market—which in turn has required a major restructuring of the timber industry market, with losses in profitability and additional administrative costs being borne by the heads of regional governors.
China’s Home Prices Decline at an Accelerated Pace in August, Marking 12th Consecutive Drop
According to data released by China’s National Bureau of Statistics, new-home prices in 70 cities, excluding state-subsidized housing, dropped 0.29% month-over-month in August. The decline marks the twelfth consecutive month of price depreciation.
University of Michigan Preliminary Consumer Sentiment Index Released for September 2022
The Index of Consumer Sentiment increased to a reading of 59.5 in September, up from its reading of 58.2 in August. This is month-over-month increase of 2.2% but down 18.3% year-over-year (72.8 in September 2021).
US Class 1 Freight Railroad Strike Averted After 20-Hour Marathon Bargaining Session
A 20-hour marathon bargaining session, hosted by U.S. Secretary of Labor Marty Walsh, between the unions representing 115,000 workers and the US Class 1 freight railroads has yielded a tentative agreement which has averted, at least for now, a nationwide Class 1 railroad lockout or strike.
Fort Nelson First Nation Secures One of the Largest Ever Forest Tenures from BC Government
The BC Ministry of Forests has set out a tenures offer with a total quantum of 1.26 million cubic meters per year, making it one of the largest forest tenures commitments ever made to a First Nation. The commitment is reportedly to enable the construction and operation of the FNFN pellet facility project.
Mortgage Rates Top 6% for First Time Since 2008 in the Week Ending September 15, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 15, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.02% with an average 0.8 point, up from last week when it averaged 5.89%.
Canadian Home Sales Slowed Modestly in August
Canadian Real Estate Association data reveals that national home sales in Canada slowed modestly in the August, decreasing 1% month-over-month. This marks the sixth consecutive month-over-month decline in housing; however, it was the smallest of the six.
Bureau of Labor Statistics Producer Price Index, With Focus on Building Materials, Released for August
A deeper look into the Bureau of Labor Statistics August Producer Price Index (PPI), with a focus on building, reveals that price of building materials rose (not seasonally adjusted) 0.5% in August. Prices increased even as softwood lumber prices declined 5.2% in the month.
US Weekly Jobless Claims Decrease for the Week Ending September 10, 2022
The US Department of Labor is reporting that, seasonally adjusted, an additional 213,000 Americans made their initial filing for unemployment benefits during the week ending on September 10th. This is a decrease of 5,000 from the previous week’s revised-lower level of 218,000.