According to the latest report from Redfin, the technology-powered real estate brokerage firm, home prices moved unseasonably higher and quicker sales became more common in October. In the 4-week period ending October 31, the national median sale price increased 13% year-over-year to $357,007 and 1.5% from just 3-weeks earlier. This is compared to a 0.1% increase during the same time period in 2019.
Wood Markets News
B.C. Forests Minister Responds to Criticism of Old-Growth Harvest Deferral Plan
On Thursday (11-4-21), Minister Conroy defended her position saying she is rejecting the accusations that she undermined the future of the forest communities in B.C. by relying on the recommendations from a biased technical panel stacked with environmentalists.
U.S. Establishes Forest Investors Club at COP26 During Forest Day Session
During the World Leaders Summit’s Forest Day Session at COP26 on Tuesday, November 2, 2021, the United States launched the Forest Investors Club. The Forest Investor Club is a network of leading public and private financial institutions and other investors who aim to unlock and scale up investments that support climate-aligned outcomes in the land sector.
Number of Affordable Homes Posts Record Gain in Q3 as Mortgage Forbearance Programs End
According to Redfin, the Seattle-based, technology-powered real estate brokerage firm, the supply of America’s most affordable homes for sale jumped 13% year-over-year in Q3 2021. This occurred as mortgage forbearance programs came to an end, prompting many owners of low-cost homes to put their properties on the market.
Total Nonfarm Payroll Increases by 531,000 in October; Unemployment Drops to 4.6%
The U.S. Bureau of Labor Statistics (BLS) reported today (11-5-21) that total nonfarm payroll employment increased by 531,000 in October, following a disappointing 194,000 in September, an increase of 235,000 in August, a revised 1.1 million in July, and a revised 962,000 increase in June.
Commercial and Multifamily Mortgage Originations Up 119% Year-Over-Year in Q3 2021
The Mortgage Bankers Association today (11-5-21) released their Q3 2021 Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, mortgage loan originations for these types of properties in Q3 were 119% higher year-over-year and 19% higher from Q2 2021.
Canadian Employment Holds Steady in October; Unemployment Declines for Fifth Consecutive Month
Statistics Canada (StatsCan) reported today (11-5-21) that after returning to its pre-pandemic level in September, employment held steady in October. Employment increases in a number of industries, including retail trade (+72,000), were offset by declines elsewhere, including accommodations and food service (-27,000).
Humboldt Sawmill Company Now Offering FSC® Certified Douglas-Fir
Traditionally known for their premium-quality redwood lumber products, including decking and timbers, Humboldt Sawmill Company also supplies Douglas-fir. The Douglas-fir produced by Humboldt comes with a particular difference — certification to the standards of the Forest Stewardship Council® (FSC® C013133).
Chinook Forest Partners Completes Purchase of 50,747 acres from Hampton Lumber and Family Forests
Chinook Forest Partners announced on Friday (10-29-21) that they had finalized the purchase of 50,747 acres of timberland in northwest Washington from Hampton Lumber and Family Forests. The acreage purchased by Chinook was originally part of Hampton’s 145,000-acre timberland purchase from Weyerhaeuser, which was completed earlier this year.
British Columbia’s Tall Wood Initiative Expands to 21 Communities
British Columbia’s tall wood initiative, which permits mass timber residential and commercial development up to 12 stories, is expanding with 21 communities now participating. The City of New Westminster is the latest to join the growing list of B.C. municipalities.