Wood Markets News


FHA Proposes 40-Year Mortgage Loan Modification Option

The U.S. Department of Housing and Urban Development (HUD) is asking for mortgage industry input on a proposed rule change that it offered late last week, which would change repayment provisions for FHA borrowers. The change would allow lenders to recast a borrower’s total unpaid loan for an additional 120 months.

Canadian Building Permits Increase 21% in February

On Monday (4-4-22), Statistics Canada (StatsCan) reported that the total value of building permits climbed 21.0% in February, with British Columbia leading the way with a 130.2% increase. On a constant dollar basis (2012=100), the total value of building permits increased 22.1% in February.

BC Provincial Government Announces Harvest Deferrals on 1.7 Million Hectares

The BC government announced harvest deferrals on 1.7 million hectares of timberland in the province. In November 2021, the Province announced it would engage with First Nations rights and titleholders to find agreement on deferring harvest of old growth forests. The B.C. Government is reporting that it has received responses from 188 out of the 204 First Nations in the province.

Western Oregon State Forests Habitat Conservation Plan Released

The Habitat Conservation Plan for state forests in Western Oregon has been released for public comment. The plan is designed to protect critical habitat for 17 threatened species and includes wider no-logging zones near waterways and prohibits or limits harvesting near nesting and foraging grounds for threatened birds.

Updated Canadian Building Codes Allow for Mass Timber Construction up to 12 Stories

Canada released an updated set of model construction codes that will make Canadian homes and buildings “safer and more accessible while responding to climate change.” This is according to Kevin Griffiths, Chair of the Canadian Commission on Building and Fire Codes (CCBFC). The update includes allowing mass timber construction up to 12-stories tall.