The Canadian Mortgage and Housing Corporation (CMHC) reported today (4-19-22) that the trend in housing starts in Canada was 252,497 units in March, down from 253,296 units February. The standalone monthly SAAR of total housing starts for all areas in Canada in March was 246,243 units, a decrease of -2% from February.
Wood Markets News
Following February’s Surge, Canadian Home Sales and New Listings Decline in March
The Canadian Real Estate Association (CREA) reported today (4-19-22) that national home sales and newly available listings both declined in March 2022, after having jumped briefly higher in February. With sales and new listings falling in equal measure in March, the sales-to-new listings ratio stayed at 75.3% compared to 75.2% in February.
US Home Sales and Median Sales Price Soar Month-Over-Month in March 2022
On Monday (4-18-22), RE/MAX released its National Housing Report (NHR) for March 2022. According to the report, March homes sales jumped 32.3% month-over-month, while the median sales prices hit a new record high of $360,000 (16.7% higher year-over-year). These increases occurred as buyers continue to outnumber sellers.
Higher Mortgage Rates Will Not Slow Single-Family Home Purchase Market in 2022, Freddie Mac Says
Freddie Mac released a new Quarterly Forecast, which predicts that the single-family home purchasing market will remain solid in 2022. Sam Khater, Freddie Mac’s Chief Economist, estimates that rising mortgage rates will lead to moderation in homebuyer demand and house price appreciation.
New 30-Story Cross-Laminated Timber Building to be Built in Winterthur, Switzerland
The Danish architectural firm of Schmidt Hammer Lassen (SHL) has designed a 100-meter (more than 30-story) housing block in the city of Winterthur, near Zurich, Switzerland, that will be world’s tallest cross-laminated timber building when complete. The second tallest building is still under construction in Wisconsin.
Builder Sentiment in April Declines for Fourth Consecutive Month
The National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes edged two points lower in April to a reading of 77. The HMI has posted solid reading for the past 6 months, despite declining for the past four consecutive months.
Houses Sold at the Fastest Rate and for More Money in the Record-Breaking Month of March
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.
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.