The Canadian Broadcasting Company (CBC) is reporting today (8-18-21) that a significant increase in fire activity over the weekend caused by gusting winds created challenging conditions for firefighters. However, rain, cooler temperatures, and relatively high humidity levels in parts of B.C.’s Interior has diminished fire behavior in the short term, but the amount of rain received in many areas wasn’t enough to have any lasting effect on the fires, as deep layers in the ground are still dry.
Wood Markets News
Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year
Statistics Canada (StatsCan) reported today (8-18-21) that the Canadian Consumer Price Index (CPI) increased 3.7% on a year-over-year basis in July, up from a 3.1% rise in June. Excluding gasoline, the CPI rose 2.8% year-over-year.
Toronto and Region Conservation Authority’s New Headquarters to “Set the Standard” for Sustainable Commercial Building Design
The construction of the Toronto and Region Conservation Authority’s (TCRA) new $65 million (CAD) headquarters, a structure that is being made almost entirely of wood, is well underway. The mid-rise office building is begin touted as one of North America’s most sustainable buildings.
Mortgage Applications Decline in the Week Ending August 13, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 13, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -3.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.
Canadian Home Sales Decline for Fourth Consecutive Month in July, Falling -15.2% Year-Over-Year
The Canadian Real Estate Association (CREA) reported on Monday (8-16-21) that national home sales in Canada were down -3.5% on a month-over-month basis in July 2021. This marks the smallest of four consecutive declines since March. Year-over-year (not seasonally adjusted) sales activity declined -15.2%.
DroneSeed Acquires Silvaseed Co., 130-Year-Old Forestry Seed Collection and Seedling Supply Business
DroneSeed, the Seattle-based “reforestation one-stop shop”, has announced that it has acquired Silvaseed Company, a 130-year-old leader in the forestry seed collection and seedling supply business. With the acquisition, DroneSeed expands it reforestation services beyond aerial drone-based seeding, to span seed collection seedling cultivation in nurseries, and on-the-ground tree planting services.
Mortgage Applications for New Home Purchases Drop -27.4% Year-Over-Year in July
The Mortgage Bankers Association (MBA) is reporting that data from their July 2021 Builder Application Survey (BAS) shows that mortgage applications for new home purchases decreased -27.4% year-over-year and were down -4.0% when compared to June 2021.
Builder Sentiment in the Market for Newly Built Single-Family Homes Declines 5-points in August 2021
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) is reporting that builder sentiment in the market for newly built single-family homes declined 5-points to a reading of 75 in August. This is its lowest level since July of 2020, and after builder confidence topped at a reading of 90 last November.
Shares of Mortgages in Forbearance Decline for 24th Consecutive Week in the Week Ending August 8, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 14 basis points from 3.40% of servicers’ portfolio volume in the prior week to 3.26% as of August 8, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans.
Martco L.L.C. to Construct Second OSB Plant in Corrigan, Texas
Martco L.L.C. (RoyOMartin), headquartered in Alexandria, Louisiana, announced on Friday (8-13-21) that its Texas subsidiary, Corrigan OSB, L.L.C, will construct a second oriented strand board (OSB) manufacturing facility near its current, state-of-the-art OSB plant located in Corrigan, Texas.