According to a new report from Redfin, the Seattle-based, technology-powered real estate firm, it was the best March on record for the housing market. In March of 2022, homes were selling at their fastest pace and for more above their list price. The median home-sale price rose 6.2% in March to an all-time high of $412,700.
Wood Markets News
Weyerhaeuser Announces Agreement to Purchase 80,800 Acres of Timberland in North and South Carolina
Weyerhaeuser announced on Thursday that it has reached an agreement to purchase 80,800 acres of high-quality timberlands in North and South Carolina from a fund managed by Campbell Global for approximately $265 million. The acquisition is comprised of highly productive timberlands situated in strong coastal markets.
Sinclar Group Announces Production Reductions at 3 Sawmills Due to Fiber Supply and Transportation Issues
Sinclar Group Forest Products Ltd. announced that it will temporarily reduce manufacturing output from 5-days down to 4-days per week at its BC sawmill operations. The production reductions will impact Sinclar’s sawmill operations at Lakeland Mills in Prince George, Nechako Lumber in Vanderhoof, and Apollo Forest Products in Fort St. James.
Canadian Timberframes Purchases Canada’s First “Hundegger K2 Industry(i) 1300” Machine
Canadian Timberframes (CTF), located in Parson, British Columbia, is a premier design and manufacturer in the timber frame industry. CTF has announced that it has purchased Canada’s first Hundegger K2 Industry(i) 1300 machine. The machine will increase CTF’s timber size capacity by 500 percent.
Apartment Rental Prices Are Up 20% from Pre-Pandemic Levels
According to Realtor.com’s latest Monthly Rental Report, rental prices have grown by nearly 20% nationwide since the beginning of the pandemic (March 2020 to March 2022). Although the underlying reasons have shifted over the course of the pandemic, data suggests that renting remains a popular option for Americans who desire flexibility.
Canadian Wholesale Sales Drop in February, Marking the First Decline in Seven Months
Statistics Canada (StatsCan) reported on Thursday (4-14-22) that wholesale sales declined for the first time in seven months. According to the report, wholesale sales declined a modest -0.4% in February to $78.8 billion (CAD). Building material and supplies wholesalers recorded a 2.8% drop in sales to $13.7 billion as activity in the subsector.
Canadian Manufacturing Sales Increase for Fifth Consecutive Month in February, With Wood Industry Up 8.5%
Statistics Canada (StatsCan) reported today (4-14-22) that manufacturing sales increased for the fifth consecutive month in February, rising 4.2% to $67.7 billion (CAD) on higher sales in 14 of 21 industries. Sales in constant dollars increased 2.2% in February. Total manufacturing sales rose 19.5% on a year-over-year basis in February.
Canadian Federal Government’s Threat to Step in and Protect Quebec’s Woodland Caribou Considered an Overstep by Quebec’s Premier
The Canadian federal government is threatening to act on its own to protect the at-risk woodland caribou and the animals’ habitat in Quebec. Federal Environment Minister Steven Guilbeault gave Quebec until Wednesday, April 20 to provide him with information on how the province intends to protect the woodland caribou and its habitat.
Mortgage Rates Top 5.0% in Week Ending April 14, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 14, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.00% with an average 0.8 point. The 15-year fixed-rate mortgage averaged 4.17% with an average 0.9 point, up from last week when it averaged 3.91%.
University of Michigan Preliminary Consumer Sentiment Index for April 2022 Posts Surprising Gain
The University of Michigan today (4-14-22) released its preliminary Consumer Sentiment Index CSI) for April. The Index of Consumer Sentiment increased to a reading of 65.7, up from the March reading of 59.4. This represents a month-over-month increase of 10.6% but is down -25.6% year-over-year (88.3 in April 2021).