Lawyers for the Nuchatlaht First Nation asked the B.C. Supreme Court to recognize its rights and title and put a stop to logging on their land. The lawsuit filed in 2017 asserts that the governments have denied Nuchatlaht rights by authorizing logging and “effectively dispossessing” the nation of parts of its territory on Vancouver Island’s west coast.
Wood Markets News
Fire Insurance Unaffordable for Most Australian Plantation Timber Growers
Still recovering from the Black Summer bushfires, the Australian timber industry continues to face a multitude of issues and insurance, or the lack thereof, is just one of many. After the east coast bushfires of a couple of years ago, plantation fire insurance rates tripled or quadrupled.
Canadian Industrial Product Price Index Moves Higher in February Led by Energy, Petroleum, and Softwood Lumber Gains
Statistics Canada (StatsCan) reported today (3-22-22) that prices of products manufactured in Canada rose 3.1% month-over-month in February 2022 and were up 16.4% year-over-year. The prices of raw materials purchased by manufacturers operating in Canada increased 6.0% month-over-month in February 2022 and are up 29.8% year-over-year.
Fannie Mae’s Economic and Strategic Research Group Lowers Its GDP Expectations for 2022
The ESR has indicated that continuing supply chain issues, increasing inflation, and the conflict in Ukraine are all placing macroeconomic pressure on the market. These factors have resulted in the downgrading of their expectations for GDP growth by year-end from 2.8% in their February 2022 commentary to 2.3% in their March 2022 commentary.
Canadian Pacific Railway Shutdown Underway as Talks With the Union Continue
With no new negotiated contract in place between the Canadian Pacific Railway (CP) and the Teamsters Canada Rail conference (TCRC), which represents 3,000 engineers, conductors, yard workers, and other train employees, CP rail traffic ground to a halt at 12:01 AM on Sunday, March 20, 2022.
Domain Timber Advisors Completes Purchase of 1,672 Acres of Timberland in West Georgia
Domain Capital Group, LLC, an Atlanta-based comprehensive private investment and management firm, today (3-21-22) announced that its subsidiary, Domain Timber Advisors, LLC, has finalized the purchase of 1,672 acres of timberland in west Georgia, expanding the firms’ Southeast timber portfolio.
German Sawmilling and Timber Industry Association Calls for Increased Use of Local Wood Resources
With Germany facing major raw wood and energy challenges due to Russia’s invasion of Ukraine, Germany’s Sawmilling and Timber Industry Association (DeSH) is calling for the country to begin planning on ways to end its dependency on fossil and imported resources, especially in regard to the energy sector.
Sustainable Green Team Ltd. Purchasing Dormant 45-Acre Interfor Sawmill Site in Beaver, Washington
Sustainable Green Team Ltd., a Florida-based, publicly traded company, announced on Thursday (3-17-22) that it is purchasing the dormant 45-acre Interfor USA Inc. sawmill site in Beaver, Washington. The purchase includes leasing land Interfor now rents from the City of Fork, Oregon for $1 million.
Canadian Real Estate Association Updates its 2022-2023 Home Sales Activity Forecast
The Canadian Real Estate Association has updated its forecast for home sales activity via the Multiple Listing Service® Systems of the Canadian Real Estate Boards and Association in 2022 and extended the forecast into 2023. The report reveals that home sales started 2022 below 2021 levels, while price growth has continued at a record-breaking pace.
Rents and Mortgage Payments Hit New Record Highs in February 2022
Redfin reported today (3-21-22) that the average monthly asking rent in the U.S. increased year-over-year by 15% to a record high of $1,901 in February 2022. According to the report, this is the largest annual jump since at least February 2020. The national median monthly mortgage payment for homebuyers climbed 31% year over year to $1,716.