Following the Japanese’s governments ban of lumber imports from Russia, as part of Tokyo’s economic sanctions for Russia’s invasion of Ukraine, Japan’s Forestry Agency announced plans today (5-17-22) to offer financial aid to companies switching their lumber consumption from foreign to domestic sources.
Wood Markets News
Canadian Investment in Building Construction Up in March, Completing Strong Q1 Results
Statistics Canada (StatsCan) reported today (5-17-22) that the investment in building construction in March rose 1.8% to $20.3 billion (CAD), a new record high. Gains were reported in both the residential and non-residential sector. On a constant dollar basis (2012=100), investment in building construction increased 1% to $12.3 billion.
EIT Climate-KIC and Built by Nature Look to Accelerate Timber Building in Europe with Milan, Italy Project
Built by Nature has announced a EUR 250,000 Accelerator Fund grant to support research into perception barriers to mass timber adoption in Italy. The initiative, coordinated by EIT Climate-KIC, will establish a physical and digital prototype building to drive understanding and adoption of mass timber,
Builder Sentiment Tumbles 8 Points Lower in May, Marking Fifth Consecutive Month of Declines
On Tuesday (5-17-22), 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 tumbled -8 points lower in May to a reading of 69. This marks the fifth consecutive month that builder sentiment has declined.
Shares of Mortgage Loans in Forbearance Decline to 0.94% as of April 30, 2022
According to the new monthly Mortgage Bankers Association’s (MBA) Loan Monitoring Survey (LMS), the total number of loans now in forbearance decreased by -11 basis points from 1.05% of servicers’ portfolio volume in the prior month to 0.94% as of April 30, 2022. The MBA estimates that 470,000 homeowners remain in forbearance plans.
Mirax Group to Acquire Interfor’s Avalon Dryland Log Sort Operation in Port Mellon, B.C.
Mirax Group announced today (5-16-22) that it has reached an agreement to acquire Interfor Corporation’s Avalon Dryland Log Sort (“Avalon”) assets located in Port Mellon, BC. The acquisition will operate through a wholly owned affiliated company, Avalon Log Sort Inc. Mirax Group is a privately owned, family-based company.
Resolute Forest Products Reports a Major Fire at Its Ignace, Ontario Sawmill
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.
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.