Statistics Canada reported today that Canadian Consumer Prices Index rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. Most of the decline was the result of a slower year-over-year increase in gasoline pricing.
Wood Markets News
Shares of Mortgage Loans in Forbearance Continued to Fall in July but 370,000 Homeowners Remain
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased by 7 basis points, from 0.81% of servicers’ portfolio volume in the prior month to 0.74% as of July 31.
CP Railway Reaches New Two-Year Collective Agreement With Teamsters of Canada Rail Conference
The Canadian Pacific Railway Ltd. (CP) today announced that it has reached a new two-year collective agreement with the Teamsters of Canada Rail Conference (TCRC), which represents 3,000 CP employees.
Manufacturing Sales in Canada Decline 0.8% in June
Statistics Canada reported on Monday that manufacturing sales in Canada fell 0.8% to $71.8 billion (CAD) in June. This follows a 1.1% decline in May. Lower sales were reported in 8 of 21 industries.
US National Interagency Fire Center Wildfire Update for August 14, 2022: 1 New Wildfire Reported
The US National Interagency Fire Center reported on Sunday that the total number of large wildfires and complexes currently burning in the US has been reduced to 52, with more than 1.4 million acres across 16 different states currently burning.
US Commerce Department Rules That Vietnam Circumvented Hardwood Plywood Duties Using Chinese Core Materials
The US Department of Commerce has preliminary determined that hardwood plywood (HWPW) assembled and exported from Vietnam to the US used Chinese core materials. The agency ruled that the HWPW are subject to significant antidumping and countervailing duties that could be as high as 200%.
Builder Sentiment for Newly Built Single-Family Homes Declines for the 8th Consecutive Month in August
On Monday, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes fell 6-points lower in August to a reading of 49.
Homeowners Are Postponing the Sale of Their Homes as Housing Market Continues to Cool
According to Redfin’s latest report, more homeowners are delaying the sales of their homes as the housing market cools, which in turn is contributing to the largest decline in home listings in over two years.
Lumber Production Increases in Canada in May; Remains Down Year-Over-Year
Statistics Canada reported on Friday that lumber production in Canada increased 7.2% month-over-month (April 2022 to May 2022) to 4,649.5 thousand cubic meters. However, year-over-year production (May 2021 to May 2022) was down 5.3%.
BC Government Signs Incremental Treaty Agreement With Wei Wai Kum First Nation
At a community celebration on Thursday, the British Columbia provincial government and the Wei Wai Kum First Nation signed an Incremental Treaty Agreement (ITA) that will transfer 2,276 hectares of territorial lands back to Wei Wai Kum and help boost the Nation’s economic activities.