According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 12, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.
Wood Markets News
The Mountain Pine Beetle — 25 Years After
It was about 25 years ago that managers in Tweedsmuir Provincial Park noticed a patch of beetle killed pine trees. It is popularly believed that this was the starting point for the infestation that ravaged much of the BC interior Lodgepole pine stands and, had aggressive measures been taken, the extent of the damage might have been reduced.
B.C. Forest Amendment Act of 2021 Proposes Building a More Diverse and Inclusive Forest Sector
On Monday afternoon (11-15-21), legislation was introduced that will help bring forth the B.C. Provincial government’s vision for forest care. According to the government, The Forest Amendment Act, 2021 is legislation to help build a more diverse and inclusive forest sector that works for people.
Houses Selling Above List Price Declined for the Fourth Consecutive Month in October
A recently released report from OJO Labs, a Texas-based real estate technology and guidance company, reveals that 40.9% of homes in October sold for more than the list price — a portion that has been steadily declining for the past four months. The percentage of homes selling above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases.
Canadian Industrial Product Price Index Up Month-Over-Month and Year-Over-Year
Statistics Canada (StatsCan) today (11-16-21) released it flash estimates for the October Industrial Product Price Index (IPPI). The IPPI was up 1.3% month-over-month and 16.7% year-over-year. The lumber and other wood products group (+5.4%) was the second largest contributor to the month-over-month gain in the IPPI in October, after posting four consecutive monthly declines.
Canadian Housing Starts Decline Month-Over-Month and Year-Over-Year in October
According to the Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts in Canada was at 264,264 units in October, down from 270.661 units in September. The “trend” measure is a 6-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. In October, the standalone monthly SAAR of housing starts for all areas in Canada was 236,554 units — a decline of -5.3% from 249,922 units in September.
Year-Over-Year New Home Mortgage Applications Decline -15.2% in October
According to the Mortgage Banker Association (MBA) Builder Application Survey (BAS) for October 2021, year-over-year mortgage applications for new home purchases decreased -15.2%. Compared to September 2021, applications increased by 6%. Based on the data from the BAS, the MBA estimates that new single-family homes sales were running at a seasonally adjusted annual rate (SAAR) of 897,000 units in October 2021.
Builder Confidence Increases for Third Consecutive Month in November
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 edged 3 points higher in November to a reading of 83. This marks the third consecutive month of upward movement in the HMI.
Canadian Homes Sales Reach Record Annual High in October 2021
The Canadian Real Estate Association (CREA) reported today (11-15-21) that Canadian homes sales have already set a new annual record in 2021. According to CREA, home sales recorded over Canadian MLS® Systems were up 8.6% between September and October 2021, marking the largest month-over-month increase since July 2020.
Segezha Group Announces Plans to Build Second Glued Laminated Timber Plant in Karelia, Russia
The Segezha Group has announced it plans to build a glued laminated timber plant in Segeza, Republic of Karelia, Russia. The new plant will be located next to the Group’s primary asset in the Republic of Karelia, Segezha Pulp and Paper Mill JSC. The new facility will join the Sokol Woodworking Plant JSC, which is currently the only Segezha Group facility manufacturing glued laminated timber.