According to the Q3 edition of the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI), the shift of single-family construction to suburban areas, brought on by the onset of the COVID-19 pandemic last year, continues unabated. However, the HBGI notes that more urban core markets are in the process of making a comeback. This has occurred as more workers transition back to the workplace.
Wood Markets News
Commercial/Multifamily Mortgage Delinquencies Decline in 2021 Q3
According to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report (CMDR) that was released on Tuesday (12-7-21), the mortgage delinquency rate on these types of properties declined in 2021 Q3. The CMDR analyzes commercial/multifamily delinquency rates quarterly for five of the largest investor-groups.
Logging Deferral Implementation Delays in B.C. Continue to Keep Old-Growth Forests at Risk
According to Torrance Coste, the campaign director for the Wilderness Committee, a West Coast conservation group, the B.C. government’s failure to immediately act on the old-growth forest deferrals (announced on November 2) has allowed logging companies to continue to clear cut at-risk old-growth forests previously identified by the government for protection.
Canadian National Railway Confirms Reopening of Southern B.C. Corridor
The Canadian National Railway Co. (CN) confirmed today (12-6-21) that their trains are once again moving in the southern British Columbia corridor, following the third flooding event in two weeks to hit the region. The CN says service resumed Sunday after crews worked around the clock on the Vancouver-Kamloops corridor.
Huu-ay-aht First Nations Disagrees with B.C. Government on Old-Growth Deferrals
On November 2, 2021, the British Columbia government announced that it would defer logging on 2.6 million hectares of old growth forests. At the same time the B.C. government gave the First Nations 30 days to indicate whether they agreed or disagreed with deferrals. The Huu-ay-aht First Nation has now provided an answer for the government: It disagrees with the deferrals, and it will make its own decisions on how it manages its own treaty lands.
Dongwha Enterprises Celebrates Opening of New Laminated Flooring and Medium-Density Fiberboard Facility in Vietnam
Dongwha Enterprises, Korea’s top wood materials manufacturer, held an opening ceremony for its Dongwha, Vietnam unit’s new laminated flooring and medium-density fiberboard (MDF) facility located in Thai Nguyen (near Hanoi) on December 2, 2021. The factory is located on a 500,000 square meter site and was built with a total investment of 180 billion won ($152.6 million).
The Ascent Tower, an All-Mass Timber Structure, is Rising Over Milwaukee’s Downtown
Tim Gokhman is the managing director of New Land Enterprises and a driving force behind using one of the oldest building materials to reshape Milwaukee, Wisconsin’s skyline. Gokhman’s latest project, a 25-story building named Ascent, is being built at the corners of Van Buren and Kilbourn in downtown Milwaukee.
Housing Affordability in September Slips to Its Lowest Level Since 2008, Yet Homes Remain Undervalued in Most Markets
First American Financial Corporation, the Santa Ana, California-based comprehensive title insurance protection and professional settlement services provider, has released it Real House Price Index (RHPI) for September 2021. According to the RHPI, real house prices increased 1.7% from August to September and 17.5% year-over-year.
Russian Government Announces Increases in Export Duties for Lumber Starting on January 2, 2022
The Russian government has announced an increase in export duties for lumber with a moisture content of greater than 22% and a thickness and width of more than 10 cm. From January 2 through December 31, 2022, the export duty for softwood lumber will be set at 200 euros per cubic meter.
Canadian National Railway Hopes to Reopen its Rail Network in Southern B.C. Over the Weekend
The Canadian National Railway Co. (CN) on Friday afternoon (12-3-21) said it was aiming to reopen its rail network in southern British Columbia over this weekend. This followed another round of heavy rain and strong winds, which prompted a second shutdown of service. CN said on Friday that engineers and construction crews continue to work on the Vancouver-Kamloops corridor.