Resolute Forest Products is reporting a fire broke out on Sunday (5-15-22) at its Ignace, Ontario sawmill. The fire was confined to the mill’s kiln drying operations. The mill is expected to remain in production. Resolute says that the company will send lumber to its mill in Atikokan to be dried until repairs are completed at Ignace.
Wood Markets News
Canadian Housing Starts Climb Higher in April
The Canadian Mortgage and Housing Corporation (CMHC) reported today (5-16-22) that the trend in housing starts in Canada was 257,846 units in April, up from 253,226 units in March. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of housing starts.
Canadian Home Sales Decline Month-Over-Month and Year-Over-Year in April
According to statistics released on Monday by the Canadian Real Estate Association, home sales recorded over Canadian MLS® Systems declined -12.6% between March and April. The Aggregate Composite MLS® Home Price Index edged down -0.6% on a month-over-month basis in April—the first month-over-month decline since April 2020.
Parkside Group’s Greenbushes Timber Mill Closes Earlier Than Anticipated
Parkside Group, a Queensland-based, sawmilling and timber manufacturing, announced on Wednesday, May 11, 2022, that it was ceasing operations at its Greenbushes timber mill located in Western Australia’s (WA) South West Region. The mill’s last day of operation was scheduled for just 2-days after the announcement was made.
Canadian Consumer Confidence Drops to Its Lowest Reading Since December of 2020
According to the latest Bloomberg Nanos Canadian Confidence Index (BNCCI), a measure of sentiment based on weekly polling, Canadian consumer confidence recorded its sharpest weekly decline since the darkest moments of the pandemic, with inflation and deteriorating outlook for housing weighing on consumer confidence.
Building Materials Costs Climb Higher in April—Up Both Month-Over-Month and Year-Over-Year
A closer look at the Bureau of Labor Statistics’ April Producer Price Index (PPI) report, which was released on Thursday (5-12-22), with further analysis provided by the National Association of Home Builders (NAHB), reveals that the prices of goods used in residential construction (ex-energy and not seasonally adjusted) increased 0.5% in April.
Mortgage Loan Originations for Multifamily and Commercial Borrowing Increase 72% in Q1 of 2022
According to the Mortgage Bankers Association’s latest Quarterly Survey of Commercial/Multifamily, mortgage loan originations increased 72% in Q1, when compared to the same period in 2021. In alignment with seasonality trends, originations during first three months of 2022 were -39% lower than Q4 of 2021.
Home Buyers Racing To Find Their Dream Home Before Home Prices or Mortgage Rates Trek Even Higher
In its latest report, which covers the four-week period ending May 8, 2022, Redfin, the Seattle-based, technology powered real estate company, reported that the typical home for sale found a buyer in 15 days. This is currently the fastest pace on record.
U.S. Housing and Vacancy Rate at or Near Historical Lows, Census Bureau Reports
According to the recently released U.S. Census Bureau Housing Vacancy Survey (HVS), the U.S. housing and vacancy rate. The HVS reports that both rental and homeowner vacancy rates decreased between 2009 and 2019. The onset of the pandemic further tightened supplies.
University of Michigan Preliminary Consumer Sentiment Index Released for May 2022; Erases April’s Gains
The University of Michigan today (5-13-22) released its preliminary Consumer Sentiment Index (CSI) for May. The Index of Consumer Sentiment dropped to a reading of 59.1, down from April’s reading of 65.2; this is a month-over-month decrease of -9.4% and down -28.7% year-over-year (82.9 in May 2021).