Wood Markets News


Building Permits Up, Housing Starts and Completions Lower in October

The U.S. Census Bureau reported on Wednesday (11-17-21) that privately‐owned housing starts in October were at a seasonally adjusted annual rate (SAAR) of 1,520,000. This is -0.7% below the revised September rate of 1,530,000 but is 0.4% above the October 2020 rate of 1,514,000. Single-family housing starts in October were at a rate of 1,039,000, which is -3.9% below the revised September figure.

Proposed B.C. Forest Tenure Amendments Aims to Make Major Changes

The B.C. government is moving forward with its far-reaching measures to remake the forest tenure system. The measures include reducing existing company cutting rights, paying compensation, and reassigning logging rights to Indigenous and community forests. It also is requiring transparency by requiring area-based tenure holders to share forest inventory information with the chief forester

Single-Family Built-For-Rent Construction Starts Hits Quarterly Volume Record in Q3 2021

Further analysis of the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design, provided by the National Association of Home Builders (NAHB), reveals that the number of single-family built-for-rent (SFBFR) construction starts reached its highest quarterly volume on record in Q3 2021. During Q3 2021, there were approximately 16,000 single-family built-for-rent starts.

Mortgage Applications Decline in the Week Ending November 12, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 12, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.

The Mountain Pine Beetle — 25 Years After

It was about 25 years ago that managers in Tweedsmuir Provincial Park noticed a patch of beetle killed pine trees. It is popularly believed that this was the starting point for the infestation that ravaged much of the BC interior Lodgepole pine stands and, had aggressive measures been taken, the extent of the damage might have been reduced.

Houses Selling Above List Price Declined for the Fourth Consecutive Month in October

A recently released report from OJO Labs, a Texas-based real estate technology and guidance company, reveals that 40.9% of homes in October sold for more than the list price — a portion that has been steadily declining for the past four months. The percentage of homes selling above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases.

Canadian Industrial Product Price Index Up Month-Over-Month and Year-Over-Year

Statistics Canada (StatsCan) today (11-16-21) released it flash estimates for the October Industrial Product Price Index (IPPI). The IPPI was up 1.3% month-over-month and 16.7% year-over-year. The lumber and other wood products group (+5.4%) was the second largest contributor to the month-over-month gain in the IPPI in October, after posting four consecutive monthly declines.

Canadian Housing Starts Decline Month-Over-Month and Year-Over-Year in October

According to the Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts in Canada was at 264,264 units in October, down from 270.661 units in September. The “trend” measure is a 6-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. In October, the standalone monthly SAAR of housing starts for all areas in Canada was 236,554 units — a decline of -5.3% from 249,922 units in September.